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Shell Q2 profits up 5 pct on high oil prices: net income to $7.9 billion on the back of high oil prices

 

Reuters UK

Shell Q2 profits up 5 pct on high oil prices

Thu Jul 31, 2008 7:15am BST

LONDON, July 31 (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote,ProfileResearch) reported a 5 percent rise in second-quarter current cost of supply (CCS) net income to $7.9 billion on the back of high oil prices.

The world’s second-largest non-government controlled oil company by market value said in a statement on Thursday that the CCS result included a non-operating gain of $73 million.

Excluding such one-off items, the “clean” CCS or underlying result was $7.8 billion, compared to an average forecast of $8.3 billion in a Reuters poll of nine analysts and $6.90 billion in the same period of 2007.

CCS earnings strip out unrealised gains from rises in the value of inventories as oil prices increase and as such are comparable with U.S. net income. (Reporting by Tom Bergin; Editing by Paul Bolding)

 

 

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