ADVERTISEMENT
News » Money
Jul 31, 2:35 AM EDT

Shell benefits from higher oil prices, books $5.31 billion profit in second quarter

Business Video

Interactives
Brazil drills deep into ocean for oil
History's impact on oil prices
Latest News
US judge orders Kurdish oil seized following Iraqi government complaint alleging oil is stolen

Buy AP Photo Reprints

AMSTERDAM (AP) -- Royal Dutch Shell PLC, Europe's largest oil company, says second quarter earnings rose on higher production and higher selling prices for oil, and fewer one-time charges.

Net profit was $5.31 billion, up from $1.74 billion in the same period a year earlier. Shell booked net one-time charges of $979 million in the quarter, down from $2.21 billion in the second quarter of 2013.

The Anglo-Dutch company produced 3.08 million barrels of oil and equivalents per day, only a fractional increase. But Shell said production of oil, which is more lucrative, was up 3 percent while natural gas production fell 8 percent.

The company said oil production has increased in Iraq and the Gulf of Mexico, offsetting declines at aging fields.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.

 
ADVERTISEMENT