BBC NEWS: Shell pumps out record UK profit: “Shell has reported the largest ever annual profit by a UK company on the back of last year's soaring oil price”: “However, the company also said it was restating its proved energy reserves for 2003 by 1.4bn barrels.” (ShellNews.net) 3 Feb 05

Shell has reported the largest ever annual profit by a UK company on the back of last year's soaring oil price.

The energy giant generated income after tax of $17.5bn (£9.32bn) in 2004, up 38% on the year before.

However, the company also said it was restating its proved energy reserves for 2003 by 1.4bn barrels.

Shell restated its reserves three times in 2003, leading to the departure of its three most senior executives including chairman Sir Philip Watts.

"2004 was a year of extremes with the reserves reorganisation on the one hand and record net income and cash generation on the other," said chief executive Jeroen van der Veer.

The record profits were fuelled by the surge in crude oil prices in 2004 which hit more than $55 a barrel last October.

In light of the bumper profits, Shell intends to pay out $10bn in dividends to shareholders in 2005.

The figures come at the end of a troubled year for Shell whose chairman and finance director stood down after the firm was forced to restate its oil reserves three times.

Shell was also forced to scrap its twin board structure amid investor unrest.

http://news.bbc.co.uk/2/hi/business/4231693.stm