Shell profits better than expected

Oil giant Shell said on Thursday net profit measured against the cost of supply had fallen 8% to €6.4bn in the third quarter of 2007. However the decline was not as sharp as analysts had forecast.

Production was down 4% to 3.14 million barrels of oil a day and higher costs also hit earnings. Shell said these problems are industry-wide, and that its own results were ‘satisfactory’.

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