"Shell More Than Doubles Profits To $7 Billion"
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.