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Daily Telegraph: After the oil furore Shell and BP need to impress

Daily Telegraph: After the oil furore Shell and BP need to impress

“The merger of Shell’s two operating subsidiaries to form one company has already focused attention on the group. In addition, Shell’s former chairman Sir Philip Watts will appear at a preliminary hearing today over whether the Financial Services Authority should have given him a chance to respond before publishing its report into Shell’s overstatement of its reserves last year.”

Monday 25 July 2005

The spotlight turns on oil companies as both Shell and BP report first-half results this week.

The merger of Shell’s two operating subsidiaries to form one company has already focused attention on the group. In addition, Shell’s former chairman Sir Philip Watts will appear at a preliminary hearing today over whether the Financial Services Authority should have given him a chance to respond before publishing its report into Shell’s overstatement of its reserves last year.

As oil prices continue to remain high, analysts are expecting a good set of results from both companies.

At Shell, which reports on Thursday, analysts expect underlying earnings to rise to $4.54billion-$5.9billion in the second quarter, from $3.66billion the year before. BP reports first-half results on Tuesday. Net profit is expected to rise to around $5.55billion in the second quarter from $4.17billion the year before.

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