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Shell’s Q1 profit rises 7% despite lower crude prices

by ChemOrbis Editorial Team -
  • 04/05/2015 (14:56)
Royal Dutch Shell announced its financial results for the first quarter of this year in a statement on the company’s website. The company’s profit on a current cost-of-supplies basis increased about 7% to $4.76 billion in the first quarter compared with $4.16 billion in the same period of 2014 despite weaker revenues which slumped around 40% to $65.71 billion from $109.66 billion a year earlier. Strong results in its refineries and retail gas stations and a tax break in the UK reportedly offset the effect of lower revenues.

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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