Fidelity bank banner Bayelsa State banner
Shell profits jump as oil prices soar

By News Express on 26/04/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,290

•Shell CEO Ben van Beurden
•Shell CEO Ben van Beurden

 Royal Dutch Shell on Thursday reported a 42 percent rise in first-quarter profit, its highest in over three years, boosted by higher oil prices and production.

Expectations are high for Shell to continue to generate strong profits and cash flow after the Anglo-Dutch company beat larger rival Exxon Mobil on both fronts in 2017 thanks to cost cuts and higher efficiencies.

 The world’s top oil companies are expected to generate more cash in 2018 than at any other time this decade after three years of cuts, but boards remain cautious amid uncertainty over near- and long-term prices.

“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.

Shell in the fourth quarter scrapped its scrip dividend in a sign that it is confident of being able to maintain around $15 billion in annual dividend payments without resorting to borrowing after a three-year oil price downturn.

It plans to buy back $25 billion of shares by 2020 in order to offset the dilutive effect of the scrip and its $54 billion acquisition of BG Group.

It did not specify a time to start the program on Thursday.

After falling short of expectations in the previous quarter, Shell’s cash flow from operations in the first three months of 2018 recovered to $9.43 billion, which was still slightly weaker from $9.5 billion a year earlier.

Free cash flow was little changed from a year earlier at $5.178 billion.

Net income attributable to shareholders, based on a current cost of supplies (CCS) and excluding identified items, rose to $5.322 billion, topping a company-provided analysts’ consensus of $5.277 billion.

A year ago, net income was $3.754 billion.

Production grew by 2 percent to 3.839 million barrels of oil equivalent per day. Earnings for the segment almost tripled from a year earlier.

Income from the refining and marketing segment, known as downstream, weakened due to lower refining margins and plant availability.

Gearing, the ratio between debt and Shell’s market capitalisation was slightly lower from the end of 2018 at 24.7 percent by the end of March.

Brent crude oil prices in recent months have risen to $75 per barrel, their highest since late 2014.

Prices averaged around $67 a barrel in the first quarter, up nearly 25 percent from a year earlier. (NAN)

Source News Express

Posted 26/04/2018 1:11:55 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
18 killed as 2 Russian helicopters collide midair...

Empty threat: APC Senators defy party, join in...

Thousands flee as 2 children, great-grandmother die in...

Randy pop star sentenced to 16 years in...

U.S. Secretary of State to visit Nigeria over...

Today’s weather: NIMET predicts rain, thunderstorm and cloud...

Delta tourism destination of choice — Okowa

Update: Jonathan sends Junior Minister to address #BringBackOurGirls...

UNIZIK VC hails Prof. Okunna and Mass Comm...

Okowa urges students to acquire entrepreneurial skills

Workers protest reappointment of Energy Commission’s boss

Outdoor advertising chief Mohammed Gobir cries for justice...

 

Latest News Ebonyi to build International Airport Man kills sick brother to avoid paying medical bills INEC wants N6bn to feed policemen during 2019 polls Arewa youths back Saraki, caution Oshiomhole on utterances Why we suspended consular services in Abuja — U.S. Embassy Police capture 20 suspected Zamfra bandits, recover arms SERAP sues NYSC over failure to publish Kemi Adeosun’s ‘exemption certificate’ 25 students killed in bomb blast Reps, INEC meet over 2019 general elections FEC approves N15.73 billion road project in Enugu El-Rufa’i presents N155bn 2019 budget for Kaduna Fake news aggravated recent National Assembly crisis — Minister

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (377,106 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (366,278 views) Shameless Genevieve Nnaji exposes breasts in public (295,970 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (241,616 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (222,324 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (216,964 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,366 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (174,546 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,518 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,075 views) Lagos plane crash: Journalist releases victims’ names (152,538 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (142,901 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,451) Business Verdict (48) Columnists (908) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (527) Features (632) Global Business Monitor (294) International (2,268) Interview (161) Live Commentary (28) Love Matters (134) News (38,028) Opinion (1,057) Pidgin (11) Politics (6,045) Religion (816) Sports (1,645) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Liverpool Destroying West Ham 4-0 - Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement