Shell profit edges higher to $6bn in first quarter

LONDON: Energy giant Royal Dutch Shell on Thursday said net profit edged higher to $6 billion in the first quarter, with the advance capped by cooler oil prices and a dip in production.

Profit after tax climbed two per cent compared with the first three months of 2018, the Anglo-Dutch group said in an earnings statement.

Oil and gas production dipped two per cent to 3.75 million barrels per day, while average crude prices were slightly lower compared with the first quarter of 2018.

“Shell has made a strong start to 2019,” chief executive Ben van Beurden said in the statement.

“The consistent financial performance across all our businesses provides confidence in meeting our 2020 outlook,” he added.

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