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International Herald Tribune: Shell 2Q net profit up 18 percent to US$8.67 billion

The Associated Press
Published: July 26, 2007

AMSTERDAM, Netherlands: Royal Dutch Shell PLC said Thursday net profit rose 18 percent in the second quarter, thanks to asset sales and strong increases in margins at oil refineries — but the company’s oil production fell.

Net profit at the Hague, Netherlands-based company was US$8.67 billion (€6.27 billion), up from US$7.32 billion, as sales rose 2.2 percent to US$84.9 billion (€61.4 billion).

In all, asset sales and other benefits totaled US$660 million (€478 million), compared with a charge of US$232 million in the same quarter a year ago.

Refining earnings jumped to US$3.93 billion (€2.84 billion) from US$3.02 billion due to stronger margins in the U.S. and Europe.

Earnings from oil production fell 17 percent to US$3.30 billion (€2.39 billion), as production fell from 3.18 million barrels of oil equivalent per day from 3.25 million. The price per barrel dipped just slightly to US$63.92 (€46.25) from US$63.95.

The fall in production was mostly due to ongoing security problems in Nigeria’s Western Delta region, where local groups of armed fighters outside the control of the central government have attacked facilities and kidnapped workers, forcing Shell to close operations.

“No firm date can be given for a return to full production, nor the rate of ramp-up to full production,” the company said.

http://www.iht.com/articles/ap/2007/07/26/business/EU-FIN-EARNS-Netherlands-Shell.php

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