Shell first quarter profits rise to €7.7bn

Royal Dutch Shell reported increased earnings in the first quarter this morning, bouyed by soaring oil prices which offset the…

Royal Dutch Shell reported increased earnings in the first quarter this morning, bouyed by soaring oil prices which offset the weakness in the Anglo-Dutch group's downstream business.

Quarter to March earnings, on a current cost of supply basis, rose to $7.776 billion from $6.932 billion previously.

They included one-off charges of $77 million in the quarter against gains of $371 million previously.

After taking into account the impact of one-off items, net CCS earnings grew to $7.853 billion from $6.561 billion, ahead of the consensus estimate of $6.772 billion.

Production rose to 3.522 million barrels of oil equivalent per day from 3.509 million boepd last time.

Shell raised quarterly dividends by 11 per cent to $0.40 a share.

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