Shell reports £2bn profit in first quarter
Surge in demand for fossil fuels gives Royal Dutch Shell better than expected returns.
Royal Dutch Shell has posted profits of £2bn ($3.2bn) for the first quarter of 2021. The company said the result is better than expected, after it warned that Texas’ winter storms might take a toll on production.
The Anglo-Dutch company said rising global prices for oil and gas helped its quarterly profits rise sharply from $393m at the end of last year, to climb well above its $2.9bn profit for the first quarter of last year.
The company had expected profits to take a $200m hit after the Gulf of Mexico was battered by unusually cold weather earlier this year, but the rally has helped the company move on from what was one of its most challenging years since the Second World War.
