Thursday, October 30, 2014   

Shell triples net profits in second quarter
(07-31 14:50)

Anglo-Dutch oil giant Royal Dutch Shell said Thursday that net profits more than tripled in the second quarter, boosted by asset sales and higher oil prices.
Earnings after taxation soared by 206 percent to US$5.307 billion in the three months to June compared with US$1.737 billion in the same part of 2013, Shell said in a results statement, adding it has completed US$8.0 billion of assets so far this year.
"We are making progress with the priorities I set out at the start of 2014: to balance growth and returns by focusing on better financial performance, enhanced capital efficiency, and continued strong project delivery,'' said chief executive Ben van Beurden.
He added: "Sharper accountability in the company means that we are targeting our growth investment more effectively, focusing on areas of the business where performance improvement is most needed, and driving asset sales in non-strategic positions.''
Shell added that profit on a current cost of supplies (CCS) basis or current-cost accounting -- which strips out changes to the value of oil and gas inventories -- and excluding identified items jumped by a third to US$6.126 billion in the period. --AFP
   
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