Thursday, April 28, 2011

Royal Dutch Shell PLC profit rise 22%, declares dividend

Royal Dutch Shell posted a 22 percent rise in first-quarter profit, thanks to higher oil prices and fatter refining margins.

Europe's largest oil and gas company by market value said on Thursday current cost of supply (CCS) net income rose to $6.9 billion in the first three months of the year.

The result was $6.29 billion, compared with a forecast for $5.87 billion in a Reuters poll.Brent crude was 38 percent higher in the first quarter compared to the 2010 period, while global refining benchmarks tripled.

Also, company has announced that the Board has declared a first quarter 2011 dividend of $0.42 per share on April 28, 2011 unchanged from same period in 2010. . These dividends are payable on June 27, 2011. In the case of the Class B shares, the dividends will be payable through the dividend access mechanism and are expected to be treated as UK-source rather than Dutch-source. Ex-dividend date is May 11, 2011, record date is May 13, 2011

Rival BP posted a 2 percent fall in replacement cost net profit on Wednesday, on the back of an 11 percent fall in production after selling assets to pay for the Gulf of Mexico oil spill.

Italian rival Eni reported a 6 percent rise in replacement cost profit, although the result was muted by the weak dollar and a fall in output due to the conflict in Libya.

Industry leader Exxon Mobil was due to announce first-quarter earnings on Thursday and was expected to post a 59 percent jump in net income, according to I/B/E/S estimates.

( Source: Reuters )


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