Shell Q2 Profits Up 5 Pct on High Oil Prices
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Royal Dutch Shell Plc reported a 5 percent rise in second-quarter current cost of supply?http://www.new-energy-supply.com/? (CCS) net income to $7.9 billion on the back of high oil prices.
A spokesman for the world’s second-largest non-government controlled oil company by market value said on Thursday that excluding non-operating items and non-cash accounting charges, the result was $8.6 billion and beat analysts’ forecasts.
A Reuters poll of nine analysts gave an average forecast of $8.3 billion for Shell’s CCS profit excluding such one-off items, up from $6.90 billion in the same period of 2007.
One analyst who asked not to be named said the company’s calculations were probably accurate but criticised the way the numbers were presented. Shell’s reported non-operating items amount to a net gain of $73 million.
It’s a bit confusing,” the analyst said. “I’m not sure why they’ve done it like this.”
CCS?http://www.new-energy-supply.com/? earnings strip out unrealised gains from rises in the value of inventories as oil prices increase and as such are comparable with U.S. net income.
Shell said oil and gas production, including oil sands bitumen production, fell slightly to 3.126 million barrels of oil equivalent per day (boepd) in the second quarter 2008, from 3.178 million boepd in the same quarter last year. (Reporting by
current cost of supply
Stacy
Royal Dutch Shell Plc reported a 5 percent rise in second-quarter current cost of supply?http://www.new-energy-supply.com/? (CCS) net income to $7.9 billion on the back of high oil prices.
A spokesman for the world’s second-largest non-government controlled oil company by market value said on Thursday that excluding non-operating items and non-cash accounting charges, the result was $8.6 billion and beat analysts’ forecasts.
A Reuters poll of nine analysts gave an average forecast of $8.3 billion for Shell’s CCS profit excluding such one-off items, up from $6.90 billion in the same period of 2007.
One analyst who asked not to be named said the company’s calculations were probably accurate but criticised the way the numbers were presented. Shell’s reported non-operating items amount to a net gain of $73 million.
It’s a bit confusing,” the analyst said. “I’m not sure why they’ve done it like this.”
CCS?http://www.new-energy-supply.com/? earnings strip out unrealised gains from rises in the value of inventories as oil prices increase and as such are comparable with U.S. net income.
Shell said oil and gas production, including oil sands bitumen production, fell slightly to 3.126 million barrels of oil equivalent per day (boepd) in the second quarter 2008, from 3.178 million boepd in the same quarter last year. (Reporting by
current cost of supply
Stacy
