Shell sees strong quarter

THE HAGUE, May 4, 2017 – Shell has more than doubled its quarterly earnings sequentially, it said in its first-quarter results statement posted on Thursday.

The Anglo-Dutch major recorded an income of USD 3.538 billion over the first three months of 2017, driven by a strong performance of the company’s upstream division.

Shell saw its unit turn a first-quarter 2016 loss of 1.437 billion to a profit of USD 540 million for the past quarter.

Downstream earnings showed a sequential increase of USD 1.15 billion to USD 2.489 billion. Measured on a year-on-year basis, the raise in earnings was less impressive at USD 479 million.

“We saw notable improvements in Upstream and Chemicals, which benefited from improved operational performance and better market conditions,” Shell CEO Ben van Beurden said in comments on the results.

“The strategy we have outlined to deliver a world-class investment case is taking shape,” he added.

Shell’s quarterly revenue came out at USD 73.3 billion, up from the USD 67.09 billion achieved during the final three months of 2016.

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