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July, 31, 2016

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Shell profit up on higher oil prices, natural gas production down by 8%

AMSTERDAM, The Netherlands -- Royal Dutch Shell PLC, Europe's largest oil company, says second quarter earnings rose on higher production and higher selling prices for oil, and fewer one-time charges.

Net profit was US$5.31 billion, up from US$1.74 billion in the same period a year earlier. Shell booked net one-time charges of US$979 million in the quarter, down from US$2.21 billion in the second quarter of 2013.

The Anglo-Dutch company produced 3.08 million barrels of oil and equivalents per day, only a fractional increase. But Shell said production of oil, which is more lucrative, was up 3 percent while natural gas production fell 8 percent.

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