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Shell’s Profits Soar

Posted by mhudema on July 31, 2008

Shell reports $11.6 billion profit despite output dip
Bloomberg News
July 31, 2008, 7:35AM

Royal Dutch Shell said second-quarter profit climbed 33 percent on
record oil prices and pledged to increase investment spending to revive
production growth.

Net income rose to $11.56 billion, or $1.87 a share, from $8.67 billion,
or $1.38, a year earlier, The Hague-based company said today. Excluding
gains or losses from holding inventories and one-time items, profit was
$7.83 billion, which didn’t include additional fair value adjustments of
$750 million. The median estimate of 11 analysts surveyed by Bloomberg
was for profit of $8.3 billion.

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