May 2, 2019

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

Ben Geman, author of Generate

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.

Go deeper: Shell leads big oil in clean energy shift

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President Trump speaks at the White House. Photo: Doug Mills - Pool/Getty Images

President Trump unloaded on his former defense secretary via Twitter on Wednesday, hours after James Mattis condemned him for making a "mockery of our Constitution" in his response to mass protests in the wake of George Floyd's killing.

What he's saying: "Probably the only thing Barack Obama & I have in common is that we both had the honor of firing Jim Mattis, the world’s most overrated General. I asked for his letter of resignation, & felt great about it. His nickname was 'Chaos', which I didn’t like, & changed it to 'Mad Dog'"

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Why it matters: Obama has addressed the killing of George Floyd and the nationwide protests that followed on social media and in a Medium post, but this was his first time speaking about the past week's events on camera. His voice will add weight to the growing pressure on local, state and federal officials to pursue policing reforms.

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Mattis on Fox in Septemnber 2019 in New York City. Photo: Steven Ferdman/Getty Images

Former Secretary of Defense James Mattis condemned President Trump for making a "mockery of our Constitution" in a statement to The Atlantic on Wednesday, saying he was "appalled" at the president's response to mass protests in the wake of George Floyd's killing.

Why it matters: Trump’s former defense secretary had refrained from publicly criticizing his former boss since resigning in 2018.