Shell reports £4.9bn profit

Royal Dutch Shell reported a 77 per cent rise in net second-quarter income compared with the same period last year, as higher oil prices, asset sales and non-cash gains outweighed a drop in production.

Shell said second-quarter current cost of supply net income was $8bn (£4.9bn). Excluding one-offs the result was $6.55bn, just below an average forecast of $6.7bn.

Rival BP reported a 13 per cent rise in underlying net profits on Tuesday, while larger rival Exxon Mobil is predicted to report a 50 per cent rise in underlying net income later on Thursday.