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Daily Telegraph: Shell’s profits jump on refining

By Richard Blackden
Last Updated: 8:12am BST 26/07/2007

Oil giant Shell has seen its second-quarter profits rise faster than rival BP after the company made more money from its refining operations.

Profits climbed to $7.5bn from $6.3bn in the same period in 2006, helped by record prices for petrol in the US.

Chief executive Jeroen van der Veer said: “We have delivered another set of competitive results, driven by operating performance.”

While crude oil prices were lower in the second quarter than in the equivalent period in 2006, Shell was boosted by jump in US petrol prices during the period. US petrol retail prices hit a record $3.22 a gallon in May.

Shell’s numbers come two days after BP reported that its second quarter replacement cost profit fell by 1pc to $6.09bn after lower oil and gas production and problems at some of its refineries.

BP’s new chief executive Tony Hayward also took the opportunity to dismiss rumours that BP was mulling multi-billion pound tie-up with Shell.

Shell today increased its dividend 14pc to $0.36.

Shell, which admitted in 2004 that it had overstated the extent of its reserves, said today that it is investing to ensure future supplies.

Mr van der Veer said: “We continue to see competitive growth opportunities based on our technological strengths, by making disciplined capital choices, in an industry of both higher energy prices and higher costs.”

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/07/26/bcnshell126.xml

 

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