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Channel 4 News: Shell announces staggering £12.9bn profits

Last Modified: 2 Feb 2006
Source: ITN
Shell has announced record-breaking annual profits of £12.93 billion – that's almost £1.5 million an hour.
The staggering figure is equal to that spent by the 27.7 million foreigners who visited Britain on holiday in 2004 or that of Sudan's Gross Domestic Product.
The profits are up nearly one-third on last year, when Shell set a UK record of £9.8 billion profits.
Shell's fourth-quarter CCS net profit excludes exceptional items such as asset sales and notional derivatives charges.
The company said production fell to 3.5 million barrels of oil equivalent per day (boepd) in the quarter, compared to 3.84 million boepd in the same period of 2004.
It follows a year in which the cost of crude jumped from below $45 dollars a barrel to hit a new record above $70 dollars.
Shell said its production outlook for 2006 is unchanged from earlier guidance, and in the lower half of the range of 3.5 to 3.8 million barrels a day.
It expects its Mars platform in the Gulf of Mexico to start production by the middle of this year following hurricane damage, with full production set to resume during the second half of the year.

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