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Shell Produces Less Oil, But Profits Soar 54 Percent Higher

Spurred by high energy prices, Royal Dutch Shell announced today profits of $31 billion for 2011, up by 54 percent since 2010. The company is making more profit on fewer barrels of oil and cubic feet of natural gas. 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. With just BP left to announce its fourth-quarter profits, the big five oil companies stand to pocket more than $130 billion in profits.

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