Shell’s second quarter profit has been cut in half by a fall in oil prices, softening demand and a fall in US gas prices, but CEO Peter Voser remains committed to the company’s $32 billion capex programme.
Shell’s second quarter profit has been cut in half by a fall in oil prices, softening demand and a fall in US gas prices, but CEO Peter Voser remains committed to the company’s $32 billion capex programme.
In June, Voser had warned that oil demand was "clearly softening."
Income attributable to shareholders fell to $4.06 billion, down from $8.71 billion in the previous quarter and from $8.66 billion for the same period last year.
Upstream revenues were $4.05 billion, down 23% from $6.25 billion in Q1 2012 and $5.42 billion in Q2 2011.
