Shell 1Q Earnings Rose More Than Expected

By Jaime Llinares Taboada

Royal Dutch Shell PLC on Thursday reported improved earnings for the first quarter of the year, as oil and gas prices continued their recovery.

The Anglo-Dutch energy major posted adjusted earnings on a current cost of supply basis of $3.23 billion in the period, up from $393 million in October-December and $2.86 billion a year earlier. This is a metric similar to the net income that U.S. oil companies report, but strips out exceptional items.

"Compared with the fourth quarter 2020, current quarter adjusted earnings reflected higher realised oil and LNG prices, chemicals and refining margins, oil products trading contributions and lower depreciation," Shell said.

Adjusted CCS earnings came in above the $3.12 billion market consensus, taken from Vara Research and based on 24 brokers' estimates.

Shell swung to a net profit of $5.66 billion in the quarter, from a $4.01 billion loss in 4Q 2020.

The company declared a dividend of $0.1735 a share for the period, up from $0.1665 in the fourth quarter and $0.16 a year earlier.

Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT

(END) Dow Jones Newswires

April 29, 2021 02:34 ET (06:34 GMT)

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