May 2, 2019 - Energy & Environment

Shell reports $5.3 billion in profits, 7% lower than Q1 of 2018

In this image, a phone with the Shell logo is held up to the camera. Lights and numbers are in the background.

Photo: Alvin Chan/SOPA Images/LightRocket via Getty Images

Royal Dutch Shell joined other majors in reporting a drop in Q1 profits, but the company's stock ticked upward Thursday after the performance came in ahead of expectation.

The bottom line: Shell reported $5.3 billion in profits on a current cost of supplies basis, which is 7% lower than Q1 of 2018.

  • The company pointed to lower margins in its chemical and refining business and lower oil prices.
  • But that was partially offset by the performance of its trading division and higher LNG prices, among other factors.

The big picture: The company's shares are up by over 2% in London.

  • "Shell gives a positive ending to a mixed Big Oil earnings season, which showed companies mostly recovering from a worst-in-a-generation downturn but unable to fully insulate themselves against volatile markets," Bloomberg writes.

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