Sydney Morning Herald: Oil price surge fires up Shell
By Christopher Hope
April 30, 2005
Shell, the oil and gas giant which is trying to recover its reputation after last year’s reserves scandal, posted a 48 per cent jump in first-quarter profits as a result of the surging oil price and high refining margins.
However, overall production fell 2 per cent to 3.85 million barrels of oil equivalent a day, excluding divestments. Shell has recently increased spending on exploration and production to ramp up its production rate.