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SHEL Shell Plc

2,625.00
12.00 (0.46%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Shell Plc LSE:SHEL London Ordinary Share GB00BP6MXD84 ORD EUR0.07
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  12.00 0.46% 2,625.00 2,627.50 2,628.50 2,636.50 2,613.00 2,624.00 11,155,529 16:35:02
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 316.62B 19.36B 2.9804 8.82 170.68B

Royal Dutch Shell Second-Quarter Profit Jumps -- 2nd Update

31/07/2014 9:12am

Dow Jones News


Shell (LSE:SHEL)
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From Mar 2019 to Mar 2024

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By Justin Scheck 

LONDON-- Royal Dutch Shell PLC said on Thursday that its second-quarter earnings more than doubled from a year earlier as the Anglo-Dutch oil and gas group benefited from increased production of liquid petroleum and higher prices for certain products.

Shell's quarterly profit on a current-cost-of-supplies basis, a measure similar to profit reports from U.S. oil companies, was $5.15 billion, versus $2.39 billion a year earlier. Excluding one-time items, current-cost-of-supplies profit was $6.13 billion, up 33% from $4.60 billion a year earlier.

Second-quarter sales were $115.27 billion, up slightly from $114.35 billion the previous year.

"Our financial performance for the second quarter of 2014 was more robust than year-ago levels but I want to see stronger, more competitive results right across the company," Chief Executive Ben van Beurden said in a statement.

Shell recorded impairment charges of $1.94 billion, largely for U.S. shale assets, an area where Shell and other big companies have struggled to profit as smaller companies have sparked a natural-gas boom. Shell is in the process of restructuring its North American shale business.

"They've obviously made some bad-value decisions in the past, and they're getting them out of the system," said Jason Kenney, an analyst at Banco Santander who covers oil companies. He called the second-quarter results "encouraging."

Oil and gas production during the quarter was 3.08 million barrels of oil equivalent a day, about the same as a year earlier.

Since taking over as CEO in January, Mr. van Beurden has promised to improve profitability at the sprawling company.

In its exploration-and-production, or upstream, division, Shell reported earnings of $3.82 billion, up from $1.68 billion a year earlier. Excluding one-time items such as write-downs, upstream earnings were $4.72 billion for the quarter, up from $3.53 billion in the prior period. Shell said the division benefited from increased production in the U.S. Gulf of Mexico and Iraq, as well as increased shipments of liquefied natural gas from a facility Shell bought earlier this year.

Profit in Shell's refining, or downstream, business, was $1.27 billion, up 58% from a year before. Excluding one-time items, profit was up 15%, to $1.35 billion.

Shell reported a dividend of 94 cents per American depository share, up 4% from a year earlier.

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