quarter net profit London, Oct 27, SPA -- Royal Dutch Shell PLC reported a 67 percent increase in third-quarter profit on Thursday to US$9.39 billion (¤7.78 billion), as soaring oil prices outweighed lost production and damage to rigs from fierce hurricanes in the Gulf of Mexico, AP reported. The results compare with earnings of US$5.62 billion a year earlier and were helped by a gain of US$1.77 billion (¤1.47 billion), mainly from the sale of pipeline assets held through Gasunie NV in the Netherlands and the valuation of some U.K. gas contracts. Revenue rose 8 percent to US$76.44 billion (¤63.35 billion). "We are capturing the benefits of high oil and gas prices and refining margins," Chief Financial Officer Peter Voser said. Production in the quarter fell 11 percent. Chief Executive Jeroen van der Veer said that despite the impact of the hurricanes, Shell's production outlook for 2005 is around 3.5 million barrels of oil equivalent per day. That is at the bottom end of its target laid out earlier this year. Production from the Mars platform in the Gulf of Mexico, which suffered significant damage during Hurricane Katrina, is expected to resume in the second half of 2006, the company said. The facility normally churns out around 250,000 barrels a day of crude oil and 365 million cubic feet of gas a day. The company also said its 275,000 barrel-a-day refinery in Port Arthur, Texas, is expected to be back on line shortly. --more 1412 Local Time 1112 GMT
