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July 29, 2010    

Royal Dutch Shell Q2 profits surge 94%

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by Kay Murchie

Oil giant Royal Dutch Shell has today announced second quarter profits almost doubled after completing its restructuring programme ahead of schedule.

Shell posted profits of $4.5 billion (£2.9 billion) - a rise of 94% on the $2.3 billion reported a year ago.

The Anglo-Dutch firm, which is Britain’s second largest oil company, has undergone a major a restructuring programme and slashed thousands of jobs and axed a third of its global petrol station network, in a bid to cut costs.

Meanwhile, the figures come just a few days after rival BP reported a $17 billion loss. However, this was primarily due to the costs related to the oil spill in the Gulf of Mexico.

Meanwhile, Shell chief executive Peter Voser, said: “Oil prices have remained firm so far this year, but refining margins, oil products demand and natural gas spot prices all remain under pressure.”

However, Mr Voser cautioned: “Our earnings and cashflow have rallied from 2009’s lows, but the outlook remains uncertain.”

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