Shell profits slide on weak oil prices

30/04/2009

Royal Dutch Shell has announced that its income for the first quarter of 2009 has fallen 62 per cent when compared to figures for the same period last year.

In a statement to shareholders, company chief executive Jeroen van der Veer attributed the profit slump to the persistently weak oil prices seen so far this year.

Heating oil, gasoline, DERV and bunker fuel prices have also been stagnant as a result of the weak demand for petroleum commodities.

Looking ahead, Mr van der Veer said the company was confident of continued strength.

"Industry conditions remain challenging and our focus is on capital discipline and costs. We are taking a prudent approach to this downturn, focused on sustaining a strong position in the energy landscape," he said.

Shell is the second European oil and gas company this week to announce a slide in profits, with BP also registering a 62 per cent fall on Monday (April 27th).