Shell Q4 net profit soars 60%

AMSTERDAM: Royal Dutch Shell, Europe’s largest oil company’s fourth-quarter profit rose 60%, due to divestments and higher oil prices.

Net income was $8.47 billion, up from $5.28 billion, while sales rose to $107 billion from $75.5 billion despite a fall in production. At its production operations, profit rose 38% to $4.87 billion.

The company’s production was 3.4 million barrels of oil equivalent a day, down 5.5% from 3.6 million in the same quarter a year ago. At the refining business, profit rose $2.56 billion, up from $791 million, reflecting higher prices at the pump.

The company reported net one-time gains of $963 million in the quarter, compared to gains of $515 million in the fourth quarter of 2006. Full-year net profit was $31.3 billion, up 23% from $24.4 billion, while sales rose 12% to $356 billion.