Shell Tops Expectations with $7.85 Billion Profit

[EV_Ares]

Isn't this a surprise and think about it with all of Exxon's profits, they have yet to pay the court ordered verdict for the Valdez accident years ago where their drunk Captain caused the huge environmental oil slick. Where is Congress on that?

Royal Dutch Shell beat all forecasts on Tuesday with a 12 percent rise in first-quarter current cost of supply (CCS) net income, helped by record oil prices which broke $100 a barrel in the period. Excluding non-operating items, which amounted to a net charge of $77 million, the CCS result, which strips out the impact of changes in the value of fuel inventories, was $7.85 billion.

A Reuters poll of 11 analysts gave an average forecast of $6.84 billion for Shell's first quarter CCS earnings, excluding non-operating items.

The highest forecast was $6.99 billion.

"They look like blow-away numbers. Surprising across all divisions at this time," said Jason Kenney, analyst at ING. "I can't see anything in particular that is unusual, they've just done well."

Shell and other oil companies are benefiting from surging oil prices, which topped $100 a barrel in January and have since climbed towards $120.

Earnings at Shell's rival BP also beat forecasts.

Link: http://www.cnbc.com/id/24361407

[liberal N proud]

1. The fucking absurdity of these times

History will someday look back on this and tell the story of how America went broke at the hands of the the oil companies.

[soothsayer]

2. Thank god we continue their tax breaks! Poor little friends of the BFEE.

[MiniMe]

3. But they aren't gouging, no not at all

And they wouldn't have the profits if they were doing what they were supposed to be doing with the money, which is to develop alternate forms of energy. What a joke.

[kansasblue]

4. my sister says global warming is made up by scientists that want lucrative

my sister says global warming is made up by scientists that want lucrative government research grants.

Oohh.. baby! Those government grants are where the money is!

[Quantess]

5. Nice!

Congratulations, assholes!

[OmmmSweetOmmm]

6. And Shrub blames Congress today for the price of gas!

I'd be rolling on the floor, laughing my ass off, if this wasn't so tragic.

[Ganja Ninja]

7. Mission Accomplished!

These criminals are doing their best to clean out the vault before Bush/Cheney leave office. Meanwhile the syndicate heads are plotting a legacy of war with Iran to saddle this country with as they leave office.

[Cerridwen]

8. Kick. n/t

[aint_no_life_nowhere]

9. What are they doing with their profits?

I wonder how much per year the oil industry is making, if you total the profits for all companies across the board. And how are they using these net profits? Are they improving the efficiency of oil refineries? Are they exploring for new sources of oil? Are they developing new technologies for extracting more oil from old oil fields? I assume they're spending some of this money to keep themselves in business. But I'd be interested in seeing a real break-down of where and how these vast sums of money are being invested.