Record profits for Shell

Royal Dutch Shell has reported full year earnings of $27.6bn, an all-time record high for a UK-listed company.

The full year earnings for 2007, on a current cost of supplies (CCS) basis, rose $2.2bn from 2006’s $25.4bn. CCS earnings per share for the full year rose 11 per cent.

The fourth quarter of 2007 saw CCS earnings per share rise by 13 per cent, compared with the same quarter last year, and earnings rose from $6bn to $6.7bn.

The dividend for the fourth quarter was announced at $0.36 per share, an 11 per cent increase on last years equivalent, and the same increase is expected for the first quarter of 2008.

‘Overall these are satisfactory results,’ said Jeroen van der Veer, Shell chief executive. ‘We made good progress in 2007, launched new projects upstream and downstream, and achieved exploration successes. In the fourth quarter, we continued to see weak refining margins. We are proceeding with this rejuvenation of our portfolio with investment in new legacy assets, and through disposals. The execution of our strategy is on track.’