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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/oil-giants-profits-soar-to-115bn.jpg"><img class="alignnone size-full" title="Royal Dutch Shell revealed a near-doubling in annual profits to 18.6 billion US dollars (11.5 billion pounds)" src="http://londonglossy.com/wp-content/uploads/2011/02/min-oil-giants-profits-soar-to-115bn.jpg" alt="Royal Dutch Shell revealed a near-doubling in annual profits to 18.6 billion US dollars (11.5 billion pounds)"/></a></p>
<p>Royal Dutch Shell has outshone its troubled rival BP as it revealed a near-doubling in annual profits to 18.6 billion US dollars (£11.5 billion).</p>
<p>Higher oil prices and a boost to production levels meant the Anglo-Dutch firm increased earnings in the final three months of the year by almost 400% to 5.7 billion US dollars (£3.5 billion)</p>
<p>The figures come two days after BP revealed its first annual loss in nearly two decades of 4.9 billion US dollars (£3 billion) after counting the cost of the Deepwater Horizon explosion.</p>
<p>Despite the jump in headline profits, Shell&#8217;s trading performance for the fourth quarter was well below forecasts in the City, causing its shares to open more than 3% lower.</p>
<p>Stripping out one-off items, fourth quarter earnings of 4.1 billion US dollars (£2.5 billion) contrasted with the market&#8217;s anticipated result of around 4.7 billion US dollars (£2.9 billion).</p>
<p>Analysts said the company&#8217;s downstream division, which covers the refining of crude oil and the sale of products, produced a weaker-than-expected recovery from the poor performance the previous year. Shell said refining margins remained weak and its marketing business suffered as a result of pressure caused by rising oil prices.</p>
<p>In contrast to BP, which stopped paying dividends in the wake of the Gulf of Mexico disaster, Shell said it declared dividends of 10.2 billion US dollars (£6.3 billion) in 2010.</p>
<p>Shell sold non-core assets for seven billion US dollars (£4.3 billion) in 2010, helping inflate the bottom-line profits, while proceeds are expected to reach some five billion US dollars (£3.1 billion) this year.</p>
<p>At the same time, it made acquisitions during last year worth seven billion US dollars (£4.3 billion) as it targets new areas of development, and invested a further three billion US dollars (£1.85 billion) in exploration activities.</p>
<p>Richard Hunter, head of equities at Hargreaves Lansdown stockbrokers, said higher oil prices were providing a tailwind but that output prospects were also stronger. He added: &#8220;Apart from reversing a previously downward move in production, Shell&#8217;s prospects are beginning to look brighter as the benefits of a large investment programme begin to filter through.&#8221;</p>
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