Europe’s largest oil company, Royal Dutch Shell PLC, reported a 57 percent increase in net profit for the first quarter yesterday, crediting higher oil prices, production growth and cost-cutting.
Net profit was US$5.48 billion, up from US$3.49 billion in the same period a year ago.
Revenues were US$86 billion from US$52.2 billion.
Notably, oil production increased 6 percent from the first quarter of last year to 3.59 million barrels of oil per day.
“So far in 2010, oil prices have remained firm and demand for petrochemicals has increased, but refining margins, oil products demand and spot gas prices all remain under pressure,” chief executive Peter Voser said in a statement. “Although there are signs of an improving economic outlook, we are not relying on it, we are continuing with our focus on cash flow growth, underpinned by new project startups and lower costs.”
Shell has invested heavily in new capacity throughout the downturn after an accounting scandal in 2004 forced it to slash proven reserves. Production has been declining for nearly a decade, but the company expects it to rise more than 10 percent by 2012.
A new project came on line in the Gulf of Mexico this quarter and is producing 100,000 barrels per day, while other recent projects on Russia’s Sakhalin island and Parque das Conchas in Brazil are now producing 120,00 barrels per day.
Shell said production earnings were somewhat hurt by natural gas prices lagging oil prices — a little more than half of Shell’s total production is in the form of gas.
Refining earnings rose 11 percent to US$1.33 billion. The division performed far better than the fourth quarter of last year, when it posted a US$1.76 billion loss.
Shell is planning to sell 15 percent of its refining operations to reduce exposure to the business.
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