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Friday 29th of October 2010
October 28, 2010    

Shell continues to benefit from higher oil and gas prices

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by Kay Murchie
”Shell

Oil giant Royal Dutch Shell has today announced third quarter profits rose 7% to $3.5 billion (£2.2 billion) - up from $3 billion last year.

However, the group said net earnings dived 21% in the three month period, compared with the previous quarter.

The company said it produced 3.058 million barrels of oil per day in the quarter - a rise of 5% on the same period a year earlier.

Chief executive, Peter Voser, said he was encouraged by the results, which were better due to improved industry conditions.

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.

In related news, rival oil giant, BP, was due to report its results earlier this week but they have been delayed by one week because of account complexities relating to the Gulf of Mexico oil spill.

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