While times are hard for BP as mentioned in the last edition of the Commercial Chemist, one of its biggest competitors, Shell, seems to be reaping the benefits.
Shell reports a 15 per cent increase in second quarter net profits to $4.39 billion (£2.82 billion) compared to $3.82 billion in the same quarter a year ago, which is a huge contrast to BP’s fortunes.
‘This is a good performance from Shell despite today’s challenging macro economic conditions. We are on track for growth,’ said Shell chief executive Peter Voser, who whilst offering his sympathy for all those affected by the Gulf of Mexico oil spill insisted that deep-water oil production was still vital.
Shell’s net profit, that takes into account the value of inventories of oil and gas, has soared to $4.21 billion in the last three months, whilst their cost saving programmes have led to $3.5 billion in annualised savings.
Shell investments have secured a 5 per cent increase – to 3.1 million barrels – in oil and gas production for the quarter and chemical product sales have increased by 18 per cent compared to the second quarter of 2009. (more…)