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Oil prices boost Shell's results Oil prices boost Shell's results
(about 3 hours later)
Royal Dutch Shell has reported another increase in three-month profits thanks to rising oil prices.Royal Dutch Shell has reported another increase in three-month profits thanks to rising oil prices.
April to June profits came in at $7.9bn (£4.0bn) on a current cost of supply basis, which is 4.6% up on the same period of 2007.April to June profits came in at $7.9bn (£4.0bn) on a current cost of supply basis, which is 4.6% up on the same period of 2007.
Shell said high oil and gas prices had made up for difficult conditions facing its petrol stations and refineries.Shell said high oil and gas prices had made up for difficult conditions facing its petrol stations and refineries.
There was no mention of the effects of the four day strike by tanker drivers that disrupted supplies in June.There was no mention of the effects of the four day strike by tanker drivers that disrupted supplies in June.
The drivers eventually accepted a 14% rise in pay over two years.The drivers eventually accepted a 14% rise in pay over two years.
"Good operating performance, combined with increased oil and gas prices, offset the impact of weaker downstream conditions," said Jeroen van der Veer, chief executive of Royal Dutch Shell."Good operating performance, combined with increased oil and gas prices, offset the impact of weaker downstream conditions," said Jeroen van der Veer, chief executive of Royal Dutch Shell.
Downstream trading includes activities such as marketing, petrol stations and refineries.Downstream trading includes activities such as marketing, petrol stations and refineries.
The Anglo-Dutch company is the world's second largest publicly owned energy company by stock market value.The Anglo-Dutch company is the world's second largest publicly owned energy company by stock market value.