Royal Dutch/Shell today reported second-quarter earnings that were buoyant but fell short of a new record for the first time in six quarters as oil and gas prices dropped.
Production growth - now the focus of investor attention as an era of cost cutting comes to an end - was below market forecasts at just 1 per cent compared with the group's targeted 5 per cent and 3 per cent in the first quarter.
Net profit on a current cost of supply basis - measuring stocks and reserves at today's prices - was $3.534 billion, up from $3.149 billion a year ago, but down from the record $3.855 billion scored in the first quarter.
The group's listed British arm - Shell - paid a first-half dividend of 5.85p, up from 5.7 pence, and Royal Dutch paid 7 cents, up from 67 cents.