"Royal Dutch Shell Doubles Q3 Profits Over Last Year, Climbing to $6.98 Billion"
by Noreen Nielsen
Royal Dutch Shell announced their 2011 third-quarter earnings, reporting profits of $6.98 billion, more than double their profits posted a year ago, bringing their total profits for 2011 to over $21 billion. Below is a quick look at Shell by the numbers:
- Shell has spent nearly $8 million on lobbying in 2011, making it one of the Top 20 Spenders of 2011, and the second biggest spender of the oil and gas industry.
- The oil and gas industry ranks as the third largest spender on lobbying in 2011, spending a combined total of over $75 million.
- Shell is sitting on $13 billion in cash on hand. Added together, the Big Five oil companies — BP, Exxon, Chevron, ConocoPhillips and Shell — are sitting on cash resources of $59 billion and made nearly $1 trillion in profits over the past decade
- Big oil tax loopholes, including oil industry specific tax breaks and unnecessary general provisions, will cost the federal treasury $40 billion over the next decade.