April 26, 2018 / 6:09 AM / a month ago

Shell profits soar on stronger oil prices

LONDON, April 26 (Reuters) - Royal Dutch Shell on Thursday reported a 42 percent rise in profits in the first quarter of 2018, the highest in over three years, boosted by higher oil prices and beating analysts’ expectations.

Net income attributable to shareholders in the quarter, based on a current cost of supplies (CCS) and excluding identified items, rose to $5.322 billion from a year ago, compared with a company-provided analysts’ consensus of $5.277 billion.

A year ago, net income was $3.754 billion.

“Shell’s strong earnings this quarter were underpinned by higher oil and gas prices, the continued growth and very good performance of our Integrated Gas business, and improved profitability in our Upstream business,” Chief Executive Officer Ben van Beurden said in a statement.

Benchmark Brent crude oil price recovered strongly in recent months to reach $75 a barrel, the highest since late 2014. Prices averaged around $67 a barrel in the first quarter, nearly 25 percent higher than a year ago.

Reporting by Ron Bousso. Editing by Jane Merriman

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