Second Quarter results:Strong earnings and cash generation
Posted: 01 August 2005
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- Income of $5.2 billion
- $6.3 billion cash from operations and $0.7 billion from divestments
- Upstream earnings increased with oil price increases
- Strong Downstream Oil Products earnings and asset utilisation
- 3,526 thousand barrels of oil equivalent (boe) per day production
- Successful exploration drilling and acreage access; decision to increase exploration expenditure to $1.8 billion annually for the years 2005 and 2006
- Second quarterly dividend declared equivalent to some $2 billion (subject to exchange rates)
Chief Executive Jeroen van der Veer said, "Our good earnings and cash generation can be used for dividends, investments and share buybacks. The company continues with its strategy of 'more upstream and profitable downstream'. We focus on project management, operations, customers and technology. Upstream production was slightly above our expectations. We can confirm exploration success and are futher increasing our exploration spending and activity levels. Downstream operational performance was again excellent."
Posted by Editor Pipeline Magazine
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