Reuters is reporting that Royal Dutch Shell has record a small drop in its first quarter profits (down to US$5.4 billion), but has still overachieved compared to forecasts. LNG earnings and stronger trading proved to be key factors.
Significantly, the company has also outperformed its rivals. Exxon Mobil, Chevron and BP have all seen sharp declines in their profits in 1Q19, as a result of weaker oil and gas prices and lower refining margins.
This latest set of strong results for Shell builds on its growing profits from 2018 (US$21.4 billion), the company’s highest since 2014.
“The market may not yet fully appreciate the progress that Shell has made, but the resiliency of the company’s cash cycle is being demonstrated. In our view, the track record has been re-established,” Jefferies analyst Jason Gammel told Reuters.
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