May 4, 2017 / 6:35 AM / 3 months ago

BRIEF-Shell posts higher Q1 profits, beats forecasts

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May 4 (Reuters) - Shell:

* Current cost of supplies (CCS) basis, Shell's Q1 2017 earnings, excluding identified items, were $3.8 billion, up 142% from $1.6 billion for Q1 of 2016

* Q1 CCS earnings attributable excluding identified items estimate of $3.05 billion – company compiled estimates

* Q1 CCS earnings attributable to shareholders excluding identified items rose on higher contributions from upstream and chemicals, partly offset by higher net interest expense

* Q1 2017 oil and gas production was 3.7 million barrels of oil equivalent per day, an increase of 2% compared with q1 2016

* Qtrly cash flow from operating activities of $9.5 billion and free cash flow of $5.2 billion

* Continue to reshape Shell's portfolio and transform company, with over $20 billion of $30bn divestment target completed or announced

* Gearing at end of Q1 2017 was 27.2%, down from 28% at end of Q4 2016

* Q2 corporate earnings expected to include non-cash charge of some $500–600 million, driven by restructuring of funding of businesses in north America

* Expects to generate $10 billion in cash flow from operating activities by 2018 Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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