posted 10-24-2005 07:49 AM                       

quote:

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Use less fuel It would be better for you & the environment, the only people who would miss out are the fat cat oil producers, who are [sex] all of us

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posted 10-27-2005 08:28 AM                       

quote: finance.canada.com

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Royal Dutch Shell posts 67 per cent jump in third-quarter net profit

Canadian Press - Thursday October 27, 2005

LONDON (AP) - Royal Dutch Shell PLC, one of the world's largest oil companies, reported a 67 per cent increase in third-quarter profit Thursday to $9.39 billion US, as soaring oil prices outweighed lost production and damage to rigs from fierce hurricanes in the Gulf of Mexico.

The results compare with earnings of $5.62 billion a year earlier and were helped by a one-time gain of $1.77 billion, mainly from the sale of pipeline assets held through Gasunie NV in the Netherlands and the valuation of some U.K. gas contracts.

Revenue rose eight per cent to $76.44 billion.

CEO Jeroen van der Veer said despite the impact of the hurricanes, Shell's production outlook for 2005 is around 3.5 million barrels of oil equivalent per day. That is at the bottom end of its target laid out earlier this year.

Production from the Mars platform in the Gulf of Mexico, which suffered significant damage during hurricane Katrina, is expected to resume in the second half of 2006, the company said. The facility normally churns out around 250,000 barrels a day of crude oil and 365 million cubic feet of gas a day.

Shell said the cost of repairing hurricane damage to rigs and refineries this year and next would be about $350 million after taxes, although much of this should be covered by insurance.

Hurricane Katrina hit in late August, temporarily shutting down at least 80 per cent of Gulf crude oil and natural gas production and crippling many refineries.

Oil prices on the New York Mercantile Exchange peaked at $70.85 a barrel on Aug. 30. Hurricane Rita then followed, delaying a return to usual production.

Shell said adjusted earnings on a current cost of supplies basis - a measurement that strips out the fluctuating value of the company's oil and gas inventories - rose 68 per cent to $7.37 billion from $4.38 billion.

Shares in Royal Dutch Shell rose 1.5 per cent to 1,804 pence ($32.01) on the London Stock Exchange.

Earlier this week, BP PLC said its third-quarter profit rose 34 per cent to $6.53 billion, even as production fell two per cent because of the hurricanes. Exxon Mobil Corp. is expected to report record quarterly earnings later Thursday.

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