Shell profits surge to record 31 billion dollars in 2007

LONDON, Jan 31, 2008 (AFP) – Anglo-Dutch oil giant Royal Dutch Shell said on Thursday that net profits leapt 23 percent last year to a record 31.331 billion dollars (21.115 billion euros), energised by soaring crude prices. Net profit on a current cost of supply basis, excluding fluctuations in the value of inventories, rose by 9.0 percent to 27.564 billion dollars in the twelve months to the end of December, compared with the figure for 2006.

The record-breaking figures were recorded last year as oil prices raced towards 100 dollars per barrel.

In the fourth quarter alone, net profit rocketed 60 percent to 8.467 billion dollars, compared with the same period of 2006, Shell added.

That was despite a 5.7-percent drop in production over the same three-month period to 3.436 million barrels of oil equivalent per day.

“Overall these are satisfactory results,” said chief executive Jeroen van der Veer in the earnings release. .