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Thursday, February 02, 2006

FILE THIS UNDER "RAPE AT THE PUMP"





Oil giant Shell reports record profit of 22.9 billion dollars in 2005

02/02/2006 08h48


©AFP/File - Mychele Daniau
LONDON (AFP) - Anglo-Dutch oil group Royal Dutch Shell reported net profit in 2005 of 22.94 billion dollars (19.03 billion euros), a record figure and an increase of 30.0 percent compared to 2004.

The company, which benefited from spiraling oil prices over the year, said that the profit figure had been adjusted to take into account changes in the value of its stocks.

In the fourth quarter alone, the company generated net profit of 5.395 billion dollars.

On average, the company produced the equivalent of 3.518 million barrels of oil per day during 2005, a slight decline compared with 3.772 million bpd in 2004.

For 2006, the company reiterated its production target of the lower end of a range of 3.5-3.8 million barrels of oil equivalent per day. It also stuck by a goal of replenishing its reserves to keep them at a constant level for the 2004-2008 period.

Shell also said it would invest 19.0 billion dollars in 2006 and spend 5.0 billion dollars buying back its own shares to boost returns to shareholders.

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