Saturday July 29, 2006

Shell 2Q2006 profit rises 36% to $6.3 billion, but production falls

news.yahoo.com :

Oil giant Royal Dutch Shell beat forecasts with a 36% rise in second-quarter profits, boosting its shares, as high oil prices more than compensated for disappointing production news. The world's third largest fully publicly traded oil company by market value said in a statement that its second-quarter current cost of supply (CCS) net profit, which strips out changes in inventory values, rose 36% to $6.3 billion.

Lower than expected production of oil and gas took some shine off the results. Shell's production of oil and gas fell almost 8% to average 3.253 million barrels of oil equivalent per day (boepd) in the second quarter, compared with an average forecast of 3.315 million boepd. Shell cut its 2006 output target, saying its production would be around 3.4 million boepd rather than the 3.5-3.6 million boepd earlier envisaged if outages related to civil strife in Nigeria continue.

See also :

1. Shell profit hits UK company record
2. US oil defends record profits
3. Are Big Oil's tanks running dry?

(2006-07-29 00:50:52 SGT) [Energy] Permalink

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