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BBC TV NEWS: Shell rides on soaring oil prices

BBC TV NEWS: Shell rides on soaring oil prices

“The Anglo-Dutch group was finally unified last week in a bid to rebuild investor confidence after last year’s oil reserves debacle. Previously the company had been co-owned by British and Dutch holding firms.”

Thursday 28 July 2005

Rocketing oil prices have helped Royal Dutch Shell to a more than 20% jump in second-quarter profits.

Shell said current cost of supply (CCS) net profits, excluding gains from the rising value of fuel stocks, were $4.62bn (£2.65bn), up from $3.66bn.

The oil giant said its oil and gas production averaged 3.526 million barrels a day.

It added it was raising the amount it would spend in exploration in 2005 and 2006 to $1.8bn a year from $1.5bn.

The Anglo-Dutch group was finally unified last week in a bid to rebuild investor confidence after last year’s oil reserves debacle. Previously the company had been co-owned by British and Dutch holding firms.

“Our good earnings and cash generation can be used for dividends, investments and share buybacks,” chief executive Jeroen van der Veer said.

http://news.bbc.co.uk/1/hi/business/4723419.stm

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