The managing board of the world’s largest oil corporation Royal Dutch Shell reported that the company’s Q1 profits fell by 3% compared to the same period last year. Such a decline was entailed by rising costs and reduction in oil and gas output.
It might seem that 3% is not such a big deal. However, assuming that the oil giant plays a key role in supplying the globe with energy, the figure is rather impressive. According to the statistics, the underlying profits dropped to $7.327 billion from $7.52 billion a year earlier.
Shell profit on a CCS basis slid by 44% to $4.465 billion from $7.951 billion in the first quarter of 2013. Thus, the new year has brought not much to the Royal Dutch Shell so far.
The press release also reads that the net profit sank by record 46% to $4.51 billion. The revenues for the quarter came in at $112.08 billion versus $115.51 last year. The downstream CCS earnings excluding identified items decreased by 14.8% to $1.58 billion, while the upstream earnings excluding identified items jumped to $5.71 billion from $5.65 billion.
