Shell’s Q1 profit rises 7% despite lower crude prices
However, the company’s quarterly profit excluding one-time items fell 56% to $3.25 billion in the January-March period.
Upstream, Shell’s oil and gas production decreased 2% to 3.17 million barrels of oil equivalent a day because of disposals, expiration of a license in Abu Dhabi and security issues in Nigeria. The company’s earnings in this segment also plunged 53% to $2.54 billion mostly because of lower crude prices and maintenance outages at its Qatar plant.
Meanwhile, the oil major stated that it would cut its planned investment in big projects this year by $2 billion to $33 billion in line with weaker financial results.
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