Profits Soar At BP And Shell

Oil giants Royal Dutch Shell and BP have made massive combined profits of more than £7 billion over the last three months.

The companies continue to benefit from higher oil and gas prices.

BP reported first quarter profits of £3.32 billion and Shell recorded profits of £3.92 billion.

Royal Dutch Shell Chief Executive Jeroen van der Veer commented: "Good operating performance, combined with increased oil and gas prices, offset the impact of downstream conditions in the first quarter 2008. We have delivered another competitive set of earnings for Shell's shareholders.

"Shell has the largest capital spending programme in our industry today, to grow the company and play our part in ensuring that energy markets remain well supplied. Our strategy is on track."

Both firms are well ahead of the equivalent periods last year, BP has risen by 48% and Shell by 12%.


Related UK National News Stories
Click here for the latest headlines.

02 February 2006
Shell reports biggest ever UK profits
Oil company Royal Dutch Shell have reported the largest ever profits recorded for a UK-listed firm. The firm reported earnings of $22.94 billion (£12.96 billion) - the equivalent of nearly £1.5 million every hour. The figures were up almost a third on last year's profit of $17.9 billion (£9.8 billion).
31 January 2008
Shell Profits Record Angers Stakeholders
Anglo-Dutch oil firm Royal Dutch Shell has reported record annual profits of $27.56bn (£13.9bn). The record figures have made British corporate history, which are equivalent to more than £1.5m an hour and come at the end of a three-month period when crude prices have averaged over $90 a barrel.
11 June 2008
Unite Urges Oil Giant To "Stop Sitting On Its Hands"
Unite the union has urged oil giants Shell to stop sitting on its hands and act to avert the four day strike by tanker drivers set to begin this Friday, 13 June. Unite Assistant General Secretary Len McCluskey said: "Only Shell sets the terms of this contract and only it can solve this dispute.
27 October 2009
BP Profits Cut By Half
One of the world's largest oil companies, BP has reported a huge drop in profits. While the 2009 third quarter profits are still more than £3bn, the figure is down a startling 50% on the same period last year.
26 July 2005
BP reports record half-year profits
BP has reported record profits of $10.7 billion (£6 billion) for the first half of 2005. This represents a massive hike in profits for the comparable period for 2004 as the oil giant benefits from a rising demand for oil around the world.