The Post IE (IRELAND): €2.2m an hour profit for Shell: “Quarterly profits of $7.37bn (€6.08bn) for Shell are higher than the $4.4bn (€3.63bn) reported by rival BP earlier this week.”: Thursday 27 October 2005

27/10/2005 - 8:09:36 AM

Oil giant Shell today said it was banking €2.2m an hour in profits, as it almost bettered its record 2004 haul in the space of just nine months.

Surging oil prices helped to generate profits of $17.55bn (€14.48) for Shell between January and September – compared with $17.6bn (€14.52) in the whole of 2004.

This performance was also spurred by one-off gains on the sale of assets and was in spite of lost production and damage to rigs from the summer of hurricanes in the Gulf of Mexico.

Shell said today that production in 2005 would be about 3.5 million barrels of oil a day, which is at the bottom end of its target laid out earlier this year.

The cost of repairing hurricane damage to rigs and refineries would be approximately $350m (€288.8m) after tax, although Shell said much of this should be covered by insurance.

Quarterly profits of $7.37bn (€6.08bn) for Shell are higher than the $4.4bn (€3.63bn) reported by rival BP earlier this week.

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