Shell profits soar on record high oil prices
Anglo-Dutch energy giant Royal Dutch Shell said Tuesday that first-quarter net profits leapt 25 percent to 9.08 billion dollars (5.83 billion euros) because of record-breaking crude oil prices.
By Agencies |
LONDON: Anglo-Dutch energy giant Royal Dutch Shell said Tuesday that first-quarter net profits leapt 25 percent to 9.08 billion dollars (5.83 billion euros) because of record-breaking crude oil prices.
Net earnings on a current cost of supply (CCS) basis, excluding fluctuations in the value of inventories, were up 12 percent to 7.78 billion dollars in the three months ending March 31, compared with the same period of 2007.
That beat market expectations for a CCS profit of 6.77 billion dollars. World oil prices smashed record after record in the first three months of the year and hit an all-time high of almost 120 dollars per barrel in New York on Monday.
Shell said Tuesday that production increased 0.4 percent in the first quarter of the year to 3.52 million barrels of oil equivalent per day.
Net earnings on a current cost of supply (CCS) basis, excluding fluctuations in the value of inventories, were up 12 percent to 7.78 billion dollars in the three months ending March 31, compared with the same period of 2007.
That beat market expectations for a CCS profit of 6.77 billion dollars. World oil prices smashed record after record in the first three months of the year and hit an all-time high of almost 120 dollars per barrel in New York on Monday.
Shell said Tuesday that production increased 0.4 percent in the first quarter of the year to 3.52 million barrels of oil equivalent per day.
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