Shell: first-quarter profit rises, helped by oil prices

(CercleFinance.com) - Royal Dutch Shell on Thursday reported a sharp rise in first-quarter net profit, helped by higher oil and gas prices.


The Anglo-Dutch oil company said that Q1 Current Cost of Supply (CCS) net profit - a measure of profitability largely used in the sector - rose by 69% to 5.7 billion dollars.

In a statement, Shell highlighted the "very good performance" of its integrated gas business, as well as improved profitability in its upstream business, overshadowing less favourable conditions in the refining market.

The group also said it was making "good progress" with its 30 billion dollar divestment programme.

After this report, Shell's London-listed "A" shares were trading down 2.1% at 2,475.5 pence, underperforming a 0.4% rise in the STOXX Europe 600 Oil & Gas index.

Copyright (c) 2018 CercleFinance.com. All rights reserved.