Shell reports Q1 profit rise on high crude oil prices

Anglo-Dutch energy giant Royal Dutch Shell announced a 41 percent rise in first quarter profits due to an increase in world oil prices and improved refining margins, the company said on Thursday.
 
Profits for Q1 were $6.9bn compared with $4.9bn in the first quarter of 2010, an increase of 30 percent.
 
Shell’s cash flow from operating activities for the first quarter 2011 was $8.6bn while cash flow from operating activities, excluding net working capital movements, was $13.1bn, compared with $10.4bn in the same quarter last year.
 
Oil and gas production was just over 3.5m barrels of oil equivalent per day, three percent lower than in Q1 2010. Production for the first quarter 2011 excluding the impact of divestments was in line with the same period last year.
 
Royal Dutch Shell CEO, Peter Voser, commented: “Our first quarter 2011 earnings have risen from year-ago levels, driven by higher industry margins and our own operating performance.”
 
He added: “We continue to crystallise new investment options for medium-term growth, including the confirmation of the Geronggong discovery in deep water Brunei, and new LNG potential in the Wheatstone development in Australia, where our gas discoveries have been included in a new partner-operated LNG project, which is under study.”