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The Wall Street Journal: Shell’s Net Rises 18%, Helped By Strong Refining Margins

By BENOIT FAUCON
July 26, 2007 2:41 a.m.

LONDON — Royal Dutch Shell PLC Thursday posted an 18% rise in net profit for the second quarter as strong refining margins more than offset barrels lost from unrest in Nigeria.

The Anglo-Dutch oil giant posted a net profit of $8.67 billion, or $1.38 per share, for the three months ended June 30, compared with $7.32 billion, or $1.13 a share, for the same period last year.

The rising profit confirms the merits of being an integrated oil major, as refining margins make up for stagnant oil output and prices. The number contrasts with Shell’s rival BP PLC, whose second-quarter results were hurt by outages at a U.S. refinery.

The diverging fortunes between the two companies exemplify the progress made by Shell’s Chief Executive Jeroen van der Veer and his management team, who took charge in the wake of a reserves scandal in 2004.

Write to Benoit Faucon at [email protected]
 

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