Shell shares fall after profits tumble 25%

Shares in Royal Dutch Shell fell almost 4% this morning as the weak oil price and North American gas prices dragged on profits in the second quarter.

The oil giant - a favourite among income investors - reported earnings fell to $6bn in the three months to June, down from $8bn for the same period a year before on a current cost of supply basis, a fall of 25%. When adjusted for special items the earnings were lowered to $5.7bn, way below analysts' estimates of $6.3bn and sharply below the $6.5bn seen a year ago. Chief executive Peter Voser said the company's profits had fallen in line with energy prices, amid more 'volatile times'. "Shell's second quarter 2012 earnings declined from year-ago levels, with weaker oil and North Amer...