Shell Q2 profit nearly doubles to $8.66 billion

AMSTERDAM (AP) — Royal Dutch Shell PLC, Europe’s largest oil company, has reported a near doubling in second quarter profits to $8.66 billion even though production dipped modestly.

Shell said Thursday profits were boosted by higher oil prices, gains on hedging derivatives and the sale of businesses.

Net profit in the same period a year ago was $4.39 billion.

Though Shell has been investing heavily in new projects, production fell 2 percent to 3.05 million barrels per day.

Excluding sales, production would have risen 2 percent, it said.

Profits at the company’s downstream operations, which include its refining arm, declined slightly.

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