Shell to Turn First Oil Production Profit Since Pandemic. Why Analysts Have Been Left Disappointed.
- Date: 07-Apr-2021
- Source: CNBC
- Sector:Oil & Gas
- Country:Middle East
Shell to Turn First Oil Production Profit Since Pandemic. Why Analysts Have Been Left Disappointed.
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Royal Dutch Shell
said its upstream oil and gas unit will return to profit in the first quarter for the first time since the Covid-19 pandemic began, driven by higher commodity prices.
The return to profitability for Shell's upstream division“”largely oil exploration and extraction“”suggests signs of a recovery, but analysts were left disappointed by the company's guidance, particularly in light of BP's encouraging update on Tuesday.
The stock
Royal Dutch Shell
Royal Dutch Shell
climbed 1.5% in early trading before slipping back to trade 0.5% up for the day, while the ADR shares were 0.6% higher