Shell posts 90% rise in annual profits

| February 3, 2011 | 0 Comments
”Shell

Oil giant Royal Dutch Shell has today reported an almost doubling in profits for the 2010 year.

The Anglo-Dutch firm, which is Britain’s second largest oil company, said profits soared 90% to $18.6 billion (£11.5 billion) compared with $9.8 billion in 2009.

The rise was attributed to higher oil prices and rising output. Production levels for the 2010 year were 5% higher at 3.3 million barrels of oil equivalent per day.

The figures were slightly less than analysts expected and shares lost almost 3% following the results.

However, they were far better than rival BP’s results, who earlier this week posted its first annual loss in almost 20 years - due to costs related to the oil spill in the Gulf of Mexico.

In the meantime, Shell also posted profits of $5.7 billion for the final quarter of 2010 - against $1.2 billion in the same period a year ago.

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