THE TIMES (UK): Shell trumpets oil finds as profits soar 28%
29 April 05
By Mike Verdin, Times Online
Higher crude and chemical prices have helped Royal Dutch/Shell report a 28 per cent rise in profits, with the oil giant noting “encouraging” results in a drilling drive launch to increase a weak level of reserves.
Shell’s profits, on a current cost of supply basis, reached $5.54 billion (£2.91 billion) for the first three months of the year despite a dip in oil production. The figure beat City forecasts, even once $220 million gains from asset sales were excluded.