The oil industry's profits bonanza continued yesterday as surging prices helped Royal Dutch Shell to a surplus of almost pounds8 billion for six months trading. As with rival BP, which announced half-year profits of pounds6.75 billion on Tuesday, higher returns in exploration and production helped Shell to offset increased costs in its refining operation.
RBG, the Aberdeen oil services company, saw a major boost in demand last year as commodities hit an all-time high, its latest accounts show. The company, headquartered in Dyce - which provides "life of field" services for the oil and gas industry - reported a 17 per cent increase in turnover last year, to GBP 291.8 million.
Hauliers bemoan the devastation of their industry as Shell and BP pile up huge haul on surging crude Oil giants Royal Dutch Shell and BP unveiled combined profits of more than pounds7 billion for the first three months of the year yesterday as hauliers took to the streets to protest at record diesel prices.
BRITAIN'S oil industry has reacted in fury to Chancellor Gordon Brown's decision to raid its coffers to plug gaps in the nation's finances. Mr Brown announced a pounds 2 billion-a-year tax on North Sea oil profits, which have rocketed as fuel prices have risen. The money will fund a package of assistance for pensioners, while enabling him to freeze duty on petrol and diesel.
AN unrepentant Danny Alexander last night refused to apologise "one bit" for the Treasury's pound(s)2 billion raid on North Sea oil profits, despite alarm among industry leaders that it will choke off investment and cost thousands of jobs. The Chief Secretary to the Treasury said he understood the anger about the surprise levy, but insisted that high oil prices meant producers could afford it. He dismissed warnings about job losses as "scaremongering".
LORD John Browne of Madingley, chief executive of BP, was rewarded for the oil giant's stellar performance last yearwith a pounds-5.65m pay package - equivalent to more than pounds-15,000 a day. According to BP's annual report, the 56-year-old oil industry veteran pocketed pounds-3.74m in pay and bonuses for 2004 when the record cost of crude sent profits soaring to pounds-8.7bn.
ACOMPANY which makes parts for the oil and gas exploration industry has increased its profits in the year since it was bought out and is now looking to continue its major investment in machinery. Gateshead-based Anson hit a turnover of pounds 62m in the 66 weeks to December 31, 2009, compared to pounds 47m in the previous 52 weeks, with pre-tax profits up from pounds 12m to pounds 13.4m.
PROFITS at one of the European oil industry's best prospects tumbled last year as oil prices fell and output declined. Profit after tax at Tullow Oil - headed by Aidan Heavey - collapsed by 92pc to Pounds 19m and sales revenue fell 16pc to Pounds 582m.
THE Chancellor today hinted that petrol stations which cheat motorists out of the penny reduction in fuel duty would be named. It follows claims that some forecourt bosses have pocketed the cut. I'll be watching like a hawk to make sure that motorists get the benefit of the Budget changes," George Osborne told BBC radio. Fears that the industry may try to pass on the new windfall tax on North Sea oil profits to drivers via price rises receded today. Labour's attack was blunted when it emerged that a Treasury report when Gordon Brown was Chancellor in 2006 ruled out the possibility of such a tax being passed on.
FOR an industry that has been celebrating multibillion pound profits on the back of sustained high oil prices, the mood was surprisingly sober. As senior figures in the oil industry gathered in London last week, they knew that the champagne bubbles could vanish pretty quickly as they turn their attentions to the future. We have a serious problem, " Lord Browne, group chief executive of BP, told an audience during International Petroleum Week.
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