Shell posts $10 bln first quarter profit, lifted by fuel trading, LNG sales

Shell posts $10 bln first quarter profit, lifted by fuel trading, LNG sales

Shell on Thursday posted first-quarter net profit of $9.65 billion, topping analysts’ forecasts, as strong earnings from fuel trading and higher liquefied natural gas (LNG) sales offset cooling energy prices. The stronger-than-expected profits followed a string of forecast-beating results from rivals including BP and Exxon Mobil as the sector continues to benefit from strong demand and price volatility. Norwegian rival Equinor on Thursday also posted higher-than-expected quarterly profits.

For the latest headlines, follow our Google News channel online or via the app. Lower natural gas prices in the quarter weighed on Shell’s giant integrated gas business, with profits slumping 18 percent to $4.9 billion. But this was broadly offset by a 139 percent jump in profits to $1.8 billion in its chemicals and refined products unit. Shell shares were up 2.7 percent in early London trading. Shell, the world’s top LNG trader, said LNG production rose in the quarter thanks