The net profit of Royal Dutch Shell more than doubled in the first three months of 2017, surpassing predictions by analyst as rebounding oil prices and refining gains helped to boost the company’s revenue, Daily Trust reports.
The company’s first quarter 2017 financial results released on Thursday showed that net income attributable to shareholders in the quarter, based on a current cost of supplies (CCS) rose by $2.2 billion. It generated a cash flow of $9.5 billion in the quarter, up 13 fold from a year earlier, and the strongest among its rivals like Total and Exxon.
Shell, with operations in more than 70 countries, is Nigeria’s oldest energy company producing oil in various joint and production sharing arrangements with NNPC and other foreign oil companies. The oil giant said it is investing around $25 billion this year while it expects the delivery of new projects to generate $10 billion in cash flow from operating activities by 2018.