FINANCIAL TIMES: Royal/Dutch Shell beats forecasts as profits rise 28%: “Shell is looking to recover from the scandal that led to it cutting its proved reserves by a third. It also replaced only one in five of the barrels of oil and gas it extracted last year.” (ShellNews.net) 28 April 05

Shares in Royal Dutch/Shell rose 0.1 per cent to 468.5p in morning trade in London on Thursday as it followed the lead of BP, its bigger rival, by unveiling record profits of $5.55bn for the first three months of this year.

The Anglo-Dutch energy group’s earnings were ahead of analyst expectations and 28 per cent higher than the same period last year, boosted by high oil prices and strong refining margins. However, daily production fell more than 4 per cent to 3.85m barrels of oil equivalent a day when compared to the first quarter of 2004. BP is producing about 4.1m barrels a day. Shell is looking to recover from the scandal that led to it cutting its proved reserves by a third. It also replaced only one in five of the barrels of oil and gas it extracted last year.

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