Shell Beats Forecasts on Higher Oil Prices
AMSTERDAM -- Royal Dutch Shell (RDS.A) delivered forecast-busting first-quarter earnings on Thursday as it benefited from an increase in production and the higher price of oil.
The oil company's earnings on the industry standard CCS or "current cost of supplies" measure, which strips out changes in the price of oil, and excluding one-time charges, were $7.30 billion, up 16% from $6.29 billion.
Earnings were higher than anticipated -- the consensus in the markets was that the company would post something around the $6.5 billion mark.
Chief Executive Peter Voser credited the performance on "a combination of improved operating performance, increased upstream volumes and strong oil prices."
Analysts from Investec said the company recorded a record result in its upstream business, or production arm, and that helped the company offset weakness in the refining division.