May 2, 2019 - Energy & Environment
Shell reports $5.3 billion in profits, 7% lower than Q1 of 2018
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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