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.
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A big reason for this doubling of profit was the massive increase of tar sands oil production in Alberta.
http://www.guardian.co.uk/business/2011/oct/27/shell-doubles-profits-as-tar-sands-production-increases
And they’re creating so many jobs! Thank you Shell, you are an admirable American Person!
Chevron “We agree Transcript”
Chevron Engineer:
Last year Chevron made a lot of money.
Building Contractor:
Where does it go?
Oil companies should put their profits to good use.
Chevron Engineer:
Every penny and more went into bringing energy to the world.
What their CEO says
Chevron CEO:
Chief Executive John Watson confirmed Wednesday [Oct 19th]that his company plans to
spend about $5 billion a year to repurchase its shares.
Wouldn’t it make sense to note the billions of taxpapyers Oil Subsidies, in which oil companies rake in.