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| Version 4 | Version 5 |
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| Rising prices boost Shell and BP | Rising prices boost Shell and BP |
| (about 2 hours later) | |
| Oil firms Royal Dutch Shell and BP have made better-than-expected first-quarter profits thanks to the rising price of oil, which is close to $120 a barrel. | |
| Shell made profits of $7.8bn (£3.9bn) in the first three months of the year, up from $6.9bn a year ago. | Shell made profits of $7.8bn (£3.9bn) in the first three months of the year, up from $6.9bn a year ago. |
| And rival BP saw its profits rise 48% to $6.588bn (£3.31bn), from $4.4bn. | And rival BP saw its profits rise 48% to $6.588bn (£3.31bn), from $4.4bn. |
| In January, Anglo-Dutch firm Shell reported annual profits of $27.56bn (£13.9bn) for 2007, a record for a UK-listed company. | In January, Anglo-Dutch firm Shell reported annual profits of $27.56bn (£13.9bn) for 2007, a record for a UK-listed company. |
| In morning trade in London, shares in both Shell and BP were up by more than 4.5%. | |
| The quarterly results come as a strike by oil workers at the Grangemouth refinery in Scotland came to an end. | The quarterly results come as a strike by oil workers at the Grangemouth refinery in Scotland came to an end. |
| The stoppage had disrupted fuel supplies and halted much of the UK's North Sea oil production. | The stoppage had disrupted fuel supplies and halted much of the UK's North Sea oil production. |
| Some petrol stations in Scotland and northern England had introduced rationing or raised prices. | Some petrol stations in Scotland and northern England had introduced rationing or raised prices. |
| Difficult year | Difficult year |
| Shell chief executive Jeroen van der Veer said he would continue to grow the firm after a "good operating performance". | Shell chief executive Jeroen van der Veer said he would continue to grow the firm after a "good operating performance". |
| Shell shares are listed in the UK and the Netherlands, while the company's headquarters are in The Hague. | Shell shares are listed in the UK and the Netherlands, while the company's headquarters are in The Hague. |
| Royal Dutch Shell A shares class="" href="http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/shares/3/33966/default.stm">Royal Dutch Shell B sharesBP shares | |
| BP's strong figures come after 12 months of turmoil for the firm, which announced a fall in 2007's annual profits in February. At the time it also announced that it was to cut 5,000 jobs. | BP's strong figures come after 12 months of turmoil for the firm, which announced a fall in 2007's annual profits in February. At the time it also announced that it was to cut 5,000 jobs. |
| Other low points have included receiving a $50m fine for the 2005 Texas City refinery explosion in which 15 people died. | Other low points have included receiving a $50m fine for the 2005 Texas City refinery explosion in which 15 people died. |
| This was part of a larger $373m fine by the US Department of Justice for committing environmental crimes and fraud, and included a fine for price manipulation. | This was part of a larger $373m fine by the US Department of Justice for committing environmental crimes and fraud, and included a fine for price manipulation. |
| And in May last year, the company's boss, Lord Browne, resigned after lying to a court in an attempt to block stories about his private life. | And in May last year, the company's boss, Lord Browne, resigned after lying to a court in an attempt to block stories about his private life. |
| 'Oil scarcity' | 'Oil scarcity' |
| Simon Wardell, oil analyst at Global Insight, said the rising price of petrol was "predominantly down to high oil prices". | Simon Wardell, oil analyst at Global Insight, said the rising price of petrol was "predominantly down to high oil prices". |
| "Oil prices are high because of the weak dollar and because reserves are under pressure, the spare capacity margin is narrowing, Opec does not have a great deal more oil to pump," he said. | "Oil prices are high because of the weak dollar and because reserves are under pressure, the spare capacity margin is narrowing, Opec does not have a great deal more oil to pump," he said. |
| "That scarcity is reflected in the high oil prices." | "That scarcity is reflected in the high oil prices." |
| But he said that oil firms could not sit back and just watch the profits flow in. | But he said that oil firms could not sit back and just watch the profits flow in. |
| "Oil firms have to think about the long-term investment, and what prices might be in the future." | "Oil firms have to think about the long-term investment, and what prices might be in the future." |