British energy giant Royal Dutch Shell said that its second-quarter net profit plunged 67% to $3.82 billion on tumbling crude oil prices.
On a 'current cost of supplies' basis, adjusting for changes in the value of oil held in stock, Shell said profits dived 70% to $2.34 billion.
Shell said production fell 5% to 2.96 million barrels of oil equivalent per day, as output was hit once again by ongoing violence in Nigeria.
Revenues tumbled 51.4% to $63.88 billion in the three months from April to June.
Oil prices struck record peaks above $147 per barrel in July 2008 but then nosedived as a savage global economic slowdown slashed demand for energy.
Meanwhile, US oil giant ExxonMobil has reported a 66% drop in quarterly profit as natural gas and crude oil prices slid from a year ago and the global recession hurt demand for fuel.
ExxonMobil, the world's largest publicly traded oil company, said second-quarter net profit was $3.95 billion, or 81 cents per share, down from $11.68 billion, or $2.22 per share, a year earlier. Production fell 3% from a year earlier.
