(Corrects to show year-earlier net income $1.64 billion,
By Ron Bousso
LONDON May 4 Royal Dutch Shell
reported a sharp rise in net profit on Thursday, ahead of
analyst forecasts and supported by stronger oil prices and
improved refining margins.
Net income in the quarter, based on a current cost of
supplies (CCS) and excluding exceptional items rose 136 percent
to $3.86 billion, compared with a company-provided analysts'
consensus of $3.05 billion.
A year ago, net income was $1.64 billion.
A near 55 percent rise in oil prices in the first quarter
compared with a year earlier to around $54 a barrel was the main
driver in the growth in earnings.
A billion dollars in cost savings and budget cuts made over
the past three years as well as around $20 billion of asset
sales following the $54 billion acquisition of BG Group last
February also helped increase cash flow and boost profits.
Shell joined rivals in reporting better than expected
results, after BP, Exxon Mobil, Chevron
and Total all posted analyst-beating earnings.
(Reporting by Ron Bousso; Editing by Toby Chopra)