May 4, 2017

Royal Dutch Shell sees profits jump as oil price rises

The Anglo-Dutch giant said profits on a constant cost of supply measure - which strips out price fluctuations - jumped to $3.4bn from $1bn last year. A 55% rise in oil prices in the first quarter of 2017 compared with a year earlier was the main driver of profits. Shell chief executive Ben van Beurden said the company would be making $25bn worth of investments this year in new oil and gas projects. Oil and gas production, known as upstream, rose 2% in the quarter to 3.752 million barrels of oil equivalent from 3.905 million in the fourth quarter of 2016. Energy producers across the world are reaping the benefits of higher oil prices, which have strongly increased their revenues and profits.

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