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BLOOMBERG: Shell Canada 1st-Quarter Profit Rises as Energy Prices Climb

BLOOMBERG: Shell Canada 1st-Quarter Profit Rises as Energy Prices Climb

 

April 24 (Bloomberg) — Shell Canada Ltd., the Canadian oil company controlled by Royal Dutch Shell Plc, said first-quarter net income rose to C$447 million ($393.5 million) from C$417 million as energy prices increased.

 

Per-share profit climbed to 53 cents from 50 cents a year earlier, the Calgary-based company said today in a statement.

 

The company was expected to earn 54 cents a share, the average estimate from eight analysts surveyed by Thomson Financial. Thomson has declined to comment on the parameters of its estimates.

 

U.S. crude-oil futures averaged $63.48 a barrel during the first quarter, 27 percent higher than a year earlier. Gas futures traded 21 percent higher than in 2005's first quarter.

 

Europe's Royal Dutch Shell, the world's third-largest oil company, owns about 78 percent of Shell Canada's stock. Shell Canada is the fourth-largest Canadian oil and natural-gas producer, ranking behind Imperial Oil Ltd., EnCana Corp. and Petro-Canada.

 

To contact the reporter on this story:

Ian McKinnon in Calgary at  [email protected].

 

Last Updated: April 24, 2006 12:42 EDT 

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