Shell Profits Slide 8 Percent

Anglo-Dutch oil major Shell has reported an eight percent slide in profits to US$6.4bn compared to $6.9bn a year ago, a marginal loss compared to rival BP's 27 percent drop announced this week.

The company has described the results as "satisfactory" given weaker industry refining margins and lower production volumes.

Shell's exploration and production segment earnings were $3,510m compared with $3,743m in the third quarter 2006, impacted by lower volumes, higher tax charges and higher costs across the industry.

Shell is keen to point out its strategy is on track.

"I am pleased with the progress during the quarter, with the launch of new refining and liquefied natural gas projects, and further asset sales," says Shell CEO Jeroen van der Veer.

By staff writer