Royal Dutch Shell has seen a 41% increase in profits in Q1, fuelled by the soaring price of oil.
The firm reported £4.1bn in profits for the first three months of 2011, marking a significant increase from the £2.9bn in the same period a year ago. The price of Brent crude oil is $125 a barrel, up 45% over the year. Shell also said asset sales and cost saving measures contributed to profits. Peter Voser, chief executive, said: "Shell sold $3.2bn of non-core positions, including tight gas assets in South Texas, in the quarter. Exits from non-core positions continue, with the announcements of further disposals, with proceeds mainly expected during 2011-2012. "These additional d...
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