Oil company Royal Dutch Shell has posted record quarterly profits, beating all analysts forecasts. High oil prices made up for any losses inflicted during the US hurricane season. CCS earnings for the quarter reached US$5.8 billion.
The company, however, also gained US$1.568 billion from the sale of an interest in Gasunie -- Royal Dutch's gas distributor. Shares in the company rose 1.8 per cent on the news. Shell is one of the largest producers in the Gulf of Mexico.
Shell CEO Jeroen van der Veer said: "Despite the hurricanes, the production outlook for 2005 is around 3.5 million barrels of oil equivalent per day (boepd)."
