Shell unveils 20 per cent rise in profits


Shell unveils 20 per cent rise in profits
Oil giant Royal Dutch Shell has unveiled a 20 per cent rise in second quarter earnings to $7.6 billion (£3.7 billion).

The figures from the Anglo-Dutch firm, based on current cost of supply (CCS), are in contrast to rival BP, which said earlier this week its comparative income had dipped one per cent to $6.1 billion (£3 billion).

"We have delivered another set of competitive results, driven by operating performance," commented Shell chief executive Jeroen van der Veer.

Shell said that despite an anticipated two per cent fall in production its oil products earnings rose to $2.9 billion (£1.4 billion) from $2.1 billion (£1 billion) in quarter two, 2006.

The company, based in The Hague, added that its refinery business has also boosted overall income, while its CCS earnings per share increased 22 per cent.

"Our investment plans are on track. I am pleased with our progress in downstream and on exploration," Mr Van der Veer continued

"We are rejuvenating our portfolio, with sustained investment in new legacy assets, as well as disposals, both upstream and downstream. We continue to see competitive growth opportunities based on our technological strengths, by making disciplined capital choices, in an industry landscape of both higher energy prices and higher costs."

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