Shell’s second quarter net profit up 15%

Europe’s largest oil company, Royal Dutch Shell, has reported a 15 percent rise in net profit for the second quarter thanks to increased oil and gas production and a surge in gas sales.

Shell says net profit during the period was $4.39 billion, up from $3.82 billion last year, while revenue swelled to $90.57 billion from $63.88 billion.

Chief executive Peter Voser said the results represented “a good performance” from Shell given challenging macroeconomic conditions.

Shell’s rival BP PLC on Tuesday reported a record quarterly loss of $17 billion in the second quarter after setting aside $32.2 billion to cover the costs of the Gulf of Mexico oil spill.

Source: AP