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LONDON – Oil company Royal Dutch Shell says its first quarter profit rose 7 percent, mainly due to the fact that year-earlier figures were weighed down by one-time charges. Sales fell sharply because of lower oil prices.
The current cost of supplies, a measure of profit used in the industry that strips out fluctuations in the value of oil stocks, rose to $4.76 billion from $4.47 billion in the first quarter last year. Net profit attributable to shareholders fell to $4.43 billion from $4.51 billion.
Revenue plunged to $65.71 billion from $109.67 billion a year earlier.
CEO Ben van Beurden said Thursday Shell will, after its announced takeover of BG Group for 47 billion pounds ($70 billion), look to sell non-strategic investments. It has sold assets for over $2 billion this year.