Shell halts buybacks as profit soars (high N Gas prices in US)

LONDON (Reuters)

Royal Dutch/Shell Group, the world's second-largest oil firm, has reported a forecast-beating 51 percent rise in second-quarter profits but says it will not buy back more shares this year. ---

Shell is the first of the world's top three oil groups to publish second-quarter results. The biggest Exxon Mobil XOM.N and number three BP BP.L follow next week and analysts said Shell's results heralded similar bumper profits for those two.

The companies have been producing some of the largest quarterly profits ever recorded by publicly traded companies, helped by oil prices that have soared on the back of war in Iraq and supply disruptions in Nigeria and Venezuela.

Shell's net profit for the second quarter, adjusted to reflect the current cost of supply, surged to $3.34 billion, helped by higher margins for fuel refining and marketing and higher natural gas prices in the United States.


Very Good Voter’s Guide

I just cannot believe it, wow never saw that coming huh!