{"id":404812,"date":"2011-04-28T15:09:44","date_gmt":"2011-04-28T15:09:44","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/28\/profits-jump-at-exxon-and-shell\/"},"modified":"2011-04-28T15:09:44","modified_gmt":"2011-04-28T15:09:44","slug":"profits-jump-at-exxon-and-shell","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/28\/profits-jump-at-exxon-and-shell\/","title":{"rendered":"Profits jump at Exxon and Shell"},"content":{"rendered":"

28 April 2011<\/span> Last updated at<\/span> 11:09 ET<\/span><\/span><\/p>\n

Two oil firms – Exxon Mobil and Royal Dutch Shell – have reported big rises in first quarter profits thanks to higher world oil prices.<\/p>\n

Texas-based group Exxon generated profits of $10.7bn (\u00a36.4bn), up 69% on last year.<\/p>\n

Anglo-Dutch firm Shell reported profits of $6.9bn on a current cost of supply basis, up 41% on last year.<\/p>\n

It comes as US crude oil futures rose to their highest level in two-and-a half years at $113.70 a barrel.<\/p>\n

Brent crude was trading up 58 cents at $125.71 a barrel.<\/p>\n

Oil companies are “really benefiting from the huge jump in crude oil prices”, Joshua Raymond, a market strategist at City Index in London, told the BBC.<\/p>\n

“If you compare it from Q1 this year to Q1 last year, you’re looking at above a 30% jump [in price].”<\/p>\n

Continue reading the main story<\/a> <\/p>\n

Exxon said it had spent $7.8bn during the three month period on developing new energy supplies.<\/p>\n

The firm also said its shareholders had benefited to the tune of $7bn in first quarter dividends.<\/p>\n

“Exxon Mobil’s earnings reflect continued leadership in operational performance during a period of strong commodity prices,” said Rex Tillerson, the company’s chairman.<\/p>\n

Natural gas<\/span><\/p>\n

Shell said cost saving measures as well as higher oil prices had contributed to its profitability in the first quarter.<\/p>\n

Shell is also one of the world’s major suppliers of liquefied natural gas (LNG).<\/p>\n

The firm said it had started commercial production at its Qatargas 4 LNG facility.<\/p>\n

As a consequence of the earthquake and tsunami in Japan, demand for LNG is expected to increase as nuclear power there is scaled back.<\/p>\n

On Wednesday, BP reported first quarter profits of $5.5bn, down slightly from the same period last year.<\/p>\n

Its production in the quarter was down 11% after BP sold assets to help pay for the cost of cleaning up last year’s oil spill in the Gulf of Mexico.<\/p>\n<\/div>\n

More here:
\nProfits jump at Exxon and Shell<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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