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Shell profits skid 58pc in first quarter

Daily Telegraph

Royal Dutch Shell profits more than halved to $3.3bn (£2.2bn) in the first quarter of the year as the deepening global recession hit demand and dragged down oil prices. 

Last Updated: 8:56AM BST 29 Apr 2009

Profits for the first three months of 2009 are 58pc lower than the same period a year ago and 31pc down on the last quarter of 2008.

The price of crude oil in London is trading around $50 a barrel, down from a record high of $147 last July. The high was hit just before the financial crisis came to a head in the autumn and the world’s biggest economies went into reverse.

Royal Dutch Shell Chief Executive Jeroen van der Veer said the weaker global economy has created challenging condition for both its exploration and retail businesses.

Despite the slump in profit, Shell will pay $2.4bn in dividends for the quarter. The 42 cent-a-share payout is a 5pc increase on the same quarter a year ago.

On Tuesday, rival oil firm BP said its first-quarter profits had fallen 62pc from a year ago.

DAILY TELEGRAPH ARTICLE

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