Q2 Profits for Both Shell, ExxonMobil Rise 41 Percent
THE HAGUE, Netherlands and IRVING, Texas -- The wave this week of petroleum earnings reports continued as Royal Dutch Shell Plc and ExxonMobil Corp. both reported net income increases of 41 percent for their fiscal second quarters.
Shell, Europe's largest oil company based in The Netherlands, reported it earned $6.92 billion, compared to $4.89 billion during the same quarter last year. Its revenues also rose dramatically as Shell took in $109 billion during its latest quarter, compared to $86 billion during the company's 2010 fiscal first quarter, which equals a 27-percent improvement.
Shell's CEO Peter Voser attributed the higher earnings and revenues to robust industry margins and stellar operating performance. "We continue to make good progress in implementing our strategy; improving near-term performance, delivering a new wave of production growth and maturing the next generation of growth options for shareholders," he said in a statement. Shell's net profit was right in line with Wall Street earnings expectations for the company.
As for ExxonMobil, the petroleum giant, like Shell, reported a 41-percent net profit increase compared to its second-quarter 2010 results. ExxonMobil earned a profit of $10.68 billion for its fiscal 2011 second quarter, compared to $7.56 billion last year.
Total revenues for the Texas-based company were more than $125 billion, compared to $92 million during its 2010 second quarter. That figure equals a 35-percent increase compared to last year.
"ExxonMobil recorded strong results during the second quarter of 2011, while investing at a record level of over $10 billion to develop new supplies of energy to meet growing world demand," said Rex Tillerson, ExxonMobil's chairman. Although Shell met analysts’ estimates, ExxonMobil fell short. According to data compiled by Thompson Reuters, Wall Street expected the company to earn $11.41 billion for the quarter.