Technical Moves Blog

Oil giant Shell profits jump 77%

If Shells quarterly report is anything to go by the oil and gas industry continues to be profitable business to be in. They have recently reported doubling their profits year on year over the last 3 months. These profits are mainly a result of Crude oil being 48% higher than last year driving consumers interest in alternative energy.

With a higher demand for gas, the price has significantly increased as it becomes more popular. This has come as welcomed news to Shell as they also happen to produces nearly as much Gas as they do oil.

Despite having to invest significant funding to repair accidents, leaks/spills, and compensation – higher gas and oil prices coupled with sales of refineries have allowed Shell to profit significantly compared with the previous year.

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Cover photo courtesy of think4photop