Shell Q2 profit rises to $8 bln on high oil price

28th July 2011, Comments 0 comments

Oil giant Royal Dutch Shell reported Thursday second quarter net profit rose to $8.0 billion compared with $4.5 billion in the same period last year due to a strong rise in the price of crude.

Earnings in the period from April through June increased by 56 percent to $6.6 billion compared with $4.2 billion in the second quarter of 2010, the company said in a statement.

"Our second quarter 2011 earnings were higher than year-ago levels, driven by increased energy prices and Shell's operating performances," company chief executive Peter Voser said in a statement.

Voser said that the outlook for the rest of the year was positive.

"We have made important progress with new production in 2011, and the ramp-up of our new projects should drive our financial performance in the coming quarters," he said.

© 2011 AFP

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