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Reuters: Shell profit rises on strong oil prices

Thu Jul 27, 2006 2:24 AM ET

LONDON, July 27 (Reuters) – Oil giant Royal Dutch Shell Plc beat forecasts on Thursday to report a 36 percent rise in second-quarter current cost of supply net profit, which strips out changes in inventory values, to $6.3 billion, thanks to high oil prices. Excluding a non-operational a charge of $232 million, the result was $6.546 billion, ahead of an average forecast of $6.149 billion from a Reuters poll of 12 analysts, and up from an underlying net profit of $5.171 billion a year earlier.

Shell’s production of oil and gas averaged 3.253 million barrels of oil equivalent per day (boepd) in the second quarter, compared with an average forecast of 3.315 million boepd and 3.526 million boepd in the same period of 2005. 
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