Shell’s record profits branded ‘obscene’

  • guardian.co.uk,
  • Thursday January 31 2008
  • Shell petrol pump

    Shell petrol pump. Photograph: David Sillitoe

    Shell was today accused of making “obscene” profits at a time when pensioners, motorists and industry are struggling with higher energy prices when it unveiled annual earnings of $27.6bn (£13.9bn).

    The oil major has made British corporate history with the record figures, which are equivalent to more than £1.5m an hour and come at the end of a three month period when crude prices have averaged over $90 a barrel.

    Jeroen van der Veer, chief executive of Royal Dutch Shell, described the performance as “satisfactory” and admitted that overall production for the year had actually dropped 2%.

    He said the company had benefited from launching new oil and gas projects but had suffered in the last quarter from weak refining margins.

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