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Shell boosts dividend after beating first quarter estimates

Screen Shot 2014-02-10 at 16.29.29Reuters article by Dmitry Zhdannikov published 30 April 2014

(Reuters) – Royal Dutch Shell capped a strong first quarter reporting season for oil majors with better-than-expected results which were boosted by gas earnings, while shareholders were rewarded with a higher dividend. Shell, which disappointed the market earlier this year with a rare profit warning, said the bulk of its writedown in downstream on Wednesday was related to the Bukom oil refinery in Singapore. The firm said its first quarter upstream earnings were supported by stronger gas results, offset by the impact of exploration well write-offs, and higher costs and depreciation. “Less positively, oversupply in the industry, rising costs on the back of increasingly difficult explorations, Shell’s exposure to Russia and generally lower margins all present challenges…”

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