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Reuters: UPDATE 1-Shell Q4 profits up as output rises

Thu Feb 1, 2007 2:33am ET

LONDON, Feb 1 (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote, Profile , Research) posted a 2.6 percent rise in underlying profits on Thursday, beating analysts’ forecasts, thanks to higher production and strong oil prices.

Shell said in a statement on Thursday its fourth-quarter current cost of supply (CCS) net profit, which strips out changes in the value of inventories, was $6 billion, helped by profits from selling oil and gas fields.

Exluding non-operating items, the underlying result was $5.5 billion, above an average forecast of $5.216 billion in a Reuters poll of 10 analysts. The second-largest Western oil major by market value, Shell said fourth-quarter production rose to 3.645 million barrels of oil equivalent per day (boepd) from 3.5 million boepd in the same period of 2005.

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