Refineries offset less production at Shell
Shell reported a 20% rise in second-quarter profit on Thursday, boosted by its refineries in the US and Europe.
The oil giant pumped out less oil and gas than last year.
The Hague-based company said earnings against actual costs were up at €7.56bn, bucking an industry trend. Reuters reported it was the eighth straight quarter that Shell has beaten analysts’ forecasts.
Oil production slipped 2%, hurt partly due to violence in Nigeria and less demand in western Europe because of the warm spring, Shell said. Shell has also halved its interest in the Sakhalin-2 oil and gas project, after coming under pressure from Russian energy giant Gazprom.
The decline in production was off set by a 40% jump in earnings at the refining division thanks to high margins and better fuel retail margins.
‘The year started well, we have made four discoveries and are now researching their potential,’ chairman Jeroen van der Veer said. One of the new discoveries in Australia could be an important source, the chairman said.
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