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Shell reported 77% increase of Q2 net earnings

July 28/2011

(Arabian oil and gas) -- Shell has reported Q2 net earnings of $8 billion, a 77% increase on Q2 2010, when the company banked USD 4.5 billion. Cash flow from operating activities for the second quarter 2011 was USD 10.0 billion. Excluding net working capital movements, cash flow from operating activities in the second quarter 2011 was USD 12.3 billion, compared with USD 8.6 billion in the same quarter last year.

Oil and gas production fell 2 percent to 3.05 million barrels of oil equivalent per day, due to field sales and a warm second quarter which hit European gas demand.

Excluding divestments, output rose 2 percent -- a sign that the company's large recent investment in new projects was beginning to show returns. In a company statement Peter Voser, Shell's CEO highlighted the company's major projects in Canada and Qatar as key contributors to growth.

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