26 July 2012
Royal Dutch Shell has reported a 13% drop in second quarter profits, hit by weaker oil and North American gas prices.
The fall in energy prices offset higher production as the company struggled to control costs.
Europe’s biggest oil company said profits fell to $5.7bn (£3.7bn) in the April-June period compared to $6.6bn a year earlier, the company said.
Shell’s share price closed down 2.31% as investors were disappointed.
“We are moving forward in volatile times. Our profits have fallen with energy prices, but our growth strategy is delivering to the bottom line,” said chief executive officer Peter Voser.