Shell profit triples

LONDON: Royal Dutch Shell more than tripled its profits in the second quarter to beat forecasts boosted by strong refining operations and a rise in oil prices.

The Anglo-Dutch oil and gas company also reported a huge recovery in cash flow to $12.2 billion and a drop in debt as its cost reduction efforts in recent years paid off.

It has sold some $25 billion of assets since acquiring BG Group last year. The strong results came despite a dip in oil and gas production versus the previous quarter as a result of reduced output from a facility in Qatar.

"The external price environment and energy sector developments mean we will remain very disciplined, with an absolute focus on the four levers within our control," Chief Executive Ben van Beurden said.

Shell reiterated its plans to spend around $25 billion this year, at the lower end of its long-term range, as oil prices struggle to rise. Net income attributable to shareholders in the second quarter, based on a current cost of supplies (CCS) and excluding exceptional items, rose 245 percent to $3.6 billion, topping a company-provided analyst consensus of $3.15 billion. The rise in profits was driven mostly by refining and chemicals.