5 Responses to Shell Produces Less Oil, But 2011 Profits Soar 54% to $31 Billion
Royal Dutch Shell announced today profits of $31 billion for 2011, up by 54 percent since 2010. Shell’s fourth-quarter profits slipped four percent compared to the fourth quarter last year. But spurred by high energy prices, the company is making more profit on fewer barrels of oil and cubic feet of natural gas.
Here are a few other facts about Shell:
- Shell made $31 billion in 2011 profit, or over $3.5 million every hour.
- Production of oil and natural gas both fell 3 percent, from 3.3 million barrels equivalent per day to 3.2 million.
- Shell, which is Europe’s biggest oil company, is the second biggest player in U.S. oil and gas lobbying, spending nearly $15 million last year.
- Shell repurchased 4 percent of its stocks in 2011, which benefits the largest shareholders.
- With just BP left to announce its fourth-quarter profits, the big five oil companies stand to pocket more than $130 billion in profits.