Shell Full Year Results

You can read their full Q4 and full year results here.

Despite spending billions on exploration, their total oil production was down 7%, excluding the tarsands.

"Production is getting more expensive as easily accessible resources become more difficult to find. The industry reckons that the cost of production has gone up from $5 a barrel in 2000 to $14 in 2006 and many analysts believe that oil company profits may have peaked."

"Shell and Solar Century were among the 150 companies that recently signed up to the hard-hitting Bali Declaration. It is vital that companies act consistently with the rhetoric in such declarations, and as I have told Shell senior management on several occasions, an all-out assault on the Canadian tar sands and extracting oil from coal is completely inconsistent with climate protection ... Unless fossil-fuel energy companies evolve their core activities meaningfully, we are in deep trouble." - Jeremy Leggett, chief executive of Solarcentury, December 2007