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Oil rebound drives Shell to booming profits

Jillian Ambrose: 

Royal Dutch Shell became the latest major oil company to deliver better than expected earnings in recent months as the market recovery begins to gain traction.

The Anglo-Dutch oil giant reported $4.1bn (£3bn) in earnings for the last quarter on a current cost of supply basis, its standard measure of profitability. The sum comes in well above analyst forecasts that the group would make $3.6bn for the latest quarter.

Shell’s quarterly earnings are almost 50pc higher than in the same quarter last year, when they reached $2.8bn.

Ben van Beurden, Shell’s chief executive, said Shell’s growing momentum strengthened his belief that his growth strategy was working. FULL ARTICLE

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