What the papers say: Shell profits leave a bitter taste

A bumper results season got into full swing last week with Shell’s £9.8bn earnings announcement, ‘Shell’s £1m an hour profit’ (Evening Standard, 3 February).

Predictably, the large profit statement bought with it castigations for unseemly profiteering, calls for a ‘windfall tax’, and demands for greater social responsibility. ‘Britain is still suspicious of wealth creators’, noted The Times (4 February).

The Observer faced Britain’s distaste for conspicuous wealth head-on asking, ‘at what level do the profits cease to be obscene?’ (Frank Kane, 6 February).

Ironically, while appearing ‘to be in rude health’ (FT, 4 February), Shell struggled to shake off the effects of a punishing year in which the overstatement of reserves led to regulatory fines, loss of senior staff, restructuring, stock and debt-rating downgrades.

While investor concerns will have been eased by CEO Jeroen van der Veer’s confidence in the future, the market remains only too aware that Shell’s long-term health needs ‘something in reserve’ (FT,4 February).

Analysis conducted by Echo Research from data supplied to PRWeek from NewsNow. www.echoresearch.com www.newsnow.co.uk

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Already registered?
Sign in