Reuters: Shell cuts reserves as profit soars: “Oil giant Royal Dutch/Shell has reported another reserves cut as it announced bumper fourth quarter profits that beat consensus market forecasts.”: “Shell has been struggling to rebuild investor confidence after a reserves over-booking scandal last year that led to top management sackings and which raised serious concerns about the company's ability to replace the oil it pumps with new finds” (ShellNews.net) 3 Feb 05
Thu Feb 3, 2005 7:48 AM GMT
LONDON (Reuters) - Oil giant Royal Dutch/Shell has reported another reserves cut as it announced bumper fourth quarter profits that beat consensus market forecasts.
Surging oil prices and strong refining margins enabled Shell <SHEL.L> to report fourth quarter earnings of $5.127 billion (2.7 billion pounds) on Thursday.
A Reuters poll of 12 analysts predicted fourth quarter profits of $4.826 billion, excluding non-operating items.
Shell has been struggling to rebuild investor confidence after a reserves over-booking scandal last year that led to top management sackings and which raised serious concerns about the company's ability to replace the oil it pumps with new finds.