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18

Shell’s Q1 Profits: Unexpected News

Oil multinational super major, Royal Dutch Shell, beat all forecasts Tuesday with a 12 percent rise in first-quarter current cost of supply net income, contributed by record oil prices which broke $100 per barrel barrel in the period

Oil multinational super major, Royal Dutch Shell, beat all forecasts Tuesday with a 12 percent rise in first-quarter current cost of supply net income, contributed by record oil prices which broke $100/barrel in the period.

Excluding non-operating items, which amounted to a net charge of $77 million, the CCS result, which strips out the impact of changes in the value of fuel inventories, was $7.85 billion.

The Hague-based company said production averaged 3.52 million barrels of oil equivalent per day (boepd) in the first three months of the year, compared with 3.51 million boepd in the same period last year.
Analysts had predicted output would fall to 3.40 million boepd.

Refining and fuel marketing profits fell 20 percent due to an industry-wide collapse in crude processing margins, although the result was better than analysts had expected.