THE WALL STREET JOURNAL: High Oil Prices Boost Shell Profit, Offsetting, Lower Refining Margins
By BENOIT FAUCON
April 29, 2008 1:58 a.m.
LONDON — Royal Dutch Shell Tuesday said its first-quarter net profit rose 25%, as rocketing oil prices more than offset lower refining margins.
Shell said net income was $9.08 billion, or $1.46 a share, for the quarter ended March 31, compared with $7.28 billion, or $1.15 per share, in the same period a year earlier.
The profit figure shows how major oil companies are still able to capture the benefits of record oil prices, which have been boosted by continuing unrest in Nigeria and tensions between Iran and the West.
Shell, the world’s second-largest, non-government-controlled oil company by market capitalization after Exxon Mobil Corp., posted first-quarter revenue of $114.3 billion, up 55.6% from $73.48 billion in the year-earlier period.
More details to come shortly.
Write to Benoit Faucon at [email protected]
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