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(Telegraph) - Royal Dutch Shell has warned that it may not replace all of the oil it pumps between now and 2008 as a result of rising costs. The group said it would "probably" hold back some longer-term projects because of tight supplies of materials and rising rates for contractors. The warning came as it unveiled better-than-expected first quarter results. Earnings totalled $6.09bn (£3.31bn) between January and March - up from $5.46bn last year, and nearly 10pc ahead of analysts' estimates. That equates to £1.5m an hour as it cashed in on sky-high oil prices. Link |
