Royal Dutch/Shell Profit Falls 42%
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Royal Dutch/Shell Group, Europe’s largest oil producer, said first-quarter profit fell 42%, less than that of its chief rivals, as energy prices dropped and margins from making and selling gasoline collapsed.
Net income fell to $2.26 billion from $3.89 billion a year earlier. First-quarter profit slid 58% at Exxon Mobil Corp. and 57% at BP.
Royal Dutch/Shell said that excluding one-time items and the effect of changes in the value of inventories, profit fell to $1.99 billion from $3.86 billion a year earlier.
The Anglo-Dutch company is on track to meet growth targets, helping to offset a record low last quarter for refining margins in Europe, Chief Financial Officer Judy Boynton said.
Royal Dutch Petroleum shares rose $1.04 to $53.69, and Shell Transport & Trading shares rose $1.45 to $43.78, both on the NYSE.
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