Shell Beats Profit Targets on Higher Oil Prices

Royal Dutch Shell posted a 70 percent fall in net profit in the second quarter compared with the same period of 2008, as oil prices and refining margins tumbled.

Shell posted a consensus-beating 15.7% rise in its closely watched adjusted profit for the first quarter, as high oil prices and continued growth at its upstream production division combined to good effect.

LONDON (Reuters) - Royal Dutch Shell Plc posted a 70 percent fall in net profit in the second quarter compared with the same period of 2008, as oil prices and refining margins tumbled.

Reuters - Royal Dutch Shell Plc (RDSa.L) posted a 70 percent fall in net profit in the second quarter compared with the same period of 2008, as oil prices and refining margins tumbled.

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Shell raised the amount of asset sales it plans for this year as it posted consensus-beating adjusted profit for the first quarter due to high oil prices and a small increase in its production.

By David White: