26 July 2012
Falling energy prices have left its mark on Royal Dutch Shell after a weaker-than-expected profits performance drove a big fall in its share price.
While chief executive Peter Voser insisted the Anglo-Dutch company was “moving forward in volatile times”, Shell’s second quarter profits of 5.7 billion US dollars (£3.7 billion) were down 13% and below City hopes.
Shell increased upstream production by 4% to 3.1 million barrels a day in the quarter – driven by improved output of natural gas – but this was more than offset by the drop in global energy prices in the period.