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Lloyds List: LNG growth boosts Shell's bottom line

LNG growth boosts Shell's bottom line
Lloyds List; May 05, 2006

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SHELL achieved a larger than expected rise in first quarter profit, thanks partly to strong earnings growth in liquefied natural gas, writes Tony Gray.

The oil major lifted current cost of supplies net income by 12% to $6.08bn from $5.45bn thanks to strong oil and gas prices.

Shell's exploration and production division lifted earnings by 27% to $3.74bn from $2.95bn, and accounted for 61% of the group total.

Production fell 3% to 3.74m barrels of oil equivalent a day from 3.84m boe, reflecting the partial shut-in of production in Nigeria due to civil disturbances and hurricanes in the Gulf of Mexico.

On a negative note, Shell said it was now less likely to achieve a 100% reserve replacement target over the 2004-2008 period.

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