Profits drop at Shell
The UK-Dutch group posted an underlying profit of $4.6 billion (£3bn) for the three months to 30 June, down from $5.7bn in the second quarter of 2012 and lagging behind City forecasts for a $5.9bn surplus.
But the company still increased its second-quarter dividend by 5 per cent to 0.45 cents (32p).
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Hide AdOut-going chief executive Peter Voser said: “Higher costs, exploration charges, adverse currency exchange rate effects and challenges in Nigeria have hit our bottom line.
“These results were undermined by a number of factors – but they were clearly disappointing for Shell.”