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Shell’s profit slumps, still beats estimates in Q1

by ChemOrbis Editorial Team -
  • 04/05/2016 (17:39)
According to media reports, Royal Dutch Shell Plc’s first quarter profit slumped but still exceeded expectations owing to better than expected earnings from oil refining and chemicals production, which helped offset the effects of multi-year low oil prices. The company’s profit adjusted for one-time items and inventory changes fell 58% to $1.6 billion, beating average estimates calling for a $1.18 billion quarterly profit in a Bloomberg survey.

Shell earned $2 billion from its refining, trading and chemicals businesses, up from analysts’ estimates of $1.7 billion. Meanwhile, Shell lost $1.4 billion from oil production in line with expectations. Like many oil companies around the world, Shell has cut spending and postponed investments as the means of coping with lower energy prices.
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