BBC NEWS: Shell profits 'to top UK record': Shell has been bidding to rebuild investor confidence: “Oil giant Shell is this week reportedly set to announce the largest profit in UK corporate history on the back of record oil prices.”: “So far it has cut its reserves estimates by 4.47bn barrels. A further 900m barrels of reserves are said to be "under consideration". (ShellNews.net)

Oil giant Shell is this week reportedly set to announce the largest profit in UK corporate history on the back of record oil prices.

Annual profits after tax are understood to have reached about $17.5bn (£9.2bn) - a rise of 55% on last year's figures.

The results come after a year in which Shell abolished its twin board in a bid to ease investor unrest.

Many felt the dual-ownership set-up had led to ongoing uncertainty on estimates over the firm's oil and gas reserves.

Shell is expected to use the results announcement on Thursday to update investors on its restructuring and reserves situation.

So far it has cut its reserves estimates by 4.47bn barrels. A further 900m barrels of reserves are said to be "under consideration".

Buoyant sector

The oil giant is planning to dismantle its twin-structure, where one board deals with Netherlands-based Royal Dutch wing and another takes care of UK-based Shell Transport & Trading.

The oil sector has benefited from higher crude prices and strong refining margins in 2004.

On Friday, ChevronTexaco said its fourth quarter profits had nearly doubled to $3.44bn, compared with the same period in 2003.

Profits at BP later this month are also expected have soared, while ExxonMobil, the US owner of Esso, is forecast to reveal annual earnings of about $24bn on Monday - a world record.

http://news.bbc.co.uk/2/hi/business/4221025.stm