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Shell profits set to treble as prices rise and costs cut

Oil companies have focused on cost cutting as they adjust to a prolonged period of lower prices, raising fears of more job losses

Analysts expect the Anglo-Dutch group to have one of the strongest performances of the oil majors in the three months to June, with profits leaping to $3.15 billion, from $1.05 billion in the same period last year.

However, the second quarter last year was a torrid one for oil giants after the collapse in crude prices.

Shell’s results a year ago were also weighed down by hundreds of millions of dollars of one-off redundancy and restructuring charges after its takeover of BG Group, cutting its headline profits to only $239 million.

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