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Reuters: Royal Dutch Shell profits soar on high oil

Reuters: Royal Dutch Shell profits soar on high oil

Thu Jul 28, 2005 7:46 AM BST

LONDON (Reuters) – Royal Dutch Shell, the world’s third-largest oil firm by market capitalisation, reported a more than 20 percent jump in second quarter profits on Thursday on the back of high oil prices.

Shell said in a statement its second quarter current cost of supply (CCS) net profit, which excludes gains from the rising value of fuel stocks, was $4,626 million (2,654 million pounds), up from $3,663 million for the same period last year.

Excluding a non-operating charge of $545 million, the “clean” CCS result, which is the measure most watched by investors, was $5,171 million.

A Reuters poll of 10 analysts gave an average forecast for second quarter clean CCS net profit of $5,443 million, up from $4,254 million for April to June last year.

Shell said its oil and gas production averaged 3.526 million barrels of oil equivalent per day (boepd) in the second quarter. Analysts had forecast output of 3.49 million boepd.

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