Shell posts 53% second-quarter net profit dropJuly 26, 2012 - 13:36 AMT PanARMENIAN.Net - Energy giant Royal Dutch Shell said Thursday, July 26 that second-quarter net profits tumbled 53 percent to $4.063 billion on the back of sliding world oil prices and slack demand, AFP reported. Adjusted net profits, stripping out movements in the value of inventories and other non-operating items, slid almost 13 percent to $5.72 billion in the second quarter or three months to the end of June. That compared with $6.55 billion in the same period of last year and undershot market expectations of $6.46 billion, according to analysts polled by Dow Jones Newswires. Total oil and gas production rose 1.9 percent to 3.103 million barrels of oil equivalent per day, aided by giant projects in Canada and Qatar. However, analysts had predicted a 4.0-percent increase. "Our industry continues to see significant energy price volatility as a result of economic and political developments," said Chief Executive Peter Voser in the results statement. He added: "We are moving forward in volatile times. Our profits have fallen with energy prices." Group revenues meanwhile dipped to $119.89 billion in the quarter, compared with $124.56 billion last time around. Rival energy giant BP was meanwhile scheduled to unveil its latest quarterly results on July 31. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |