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Shell Beats Profit Targets on Higher Oil Prices

Published: April 26, 2012 | 7:23 am
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Royal Dutch Shell reported an 11 percent rise in fourth quarter profits on Thursday, beating analysts’ forecasts, as higher oil prices and stronger refining margins outweighed the impact of lower U.S. gas prices.

Europe’s largest oil company by market capitalization said its current costof supply (CCS) net income was $7.7 billion.

Excluding one-offs, the result was $7.27 billion, compared to an average
forecast of $6.70 billion from a company poll of analysts.

Brent crude prices averaged $118.60 per barrel last quarter, up from $105.43 a year before.

CCS earnings strip out unrealized gains or losses related to changes in the
value of inventories, and as such are comparable with net income under U.S.
accounting rules.

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