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Shell hit by low oil prices as it prepares to integrate BG

Oil company Shell sees revenue plunge due to slide in energy prices, looks to sell more assets

Shell hit by low oil prices as it prepares to integrate BG

LONDON (AP) -- Oil company Royal Dutch Shell says its first quarter profit rose 7 percent, mainly due to the fact that year-earlier figures were weighed down by one-time charges. Sales fell sharply because of lower oil prices.

The current cost of supplies, a measure of profit used in the industry that strips out fluctuations in the value of oil stocks, rose to $4.76 billion from $4.47 billion in the first quarter last year. Net profit attributable to shareholders fell to $4.43 billion from $4.51 billion.

Revenue plunged to $65.71 billion from $109.67 billion a year earlier.

CEO Ben van Beurden said Thursday Shell will, after its announced takeover of BG Group for 47 billion pounds ($70 billion), look to sell non-strategic investments. It has sold assets for over $2 billion this year.


Updated : 2021-09-28 23:39 GMT+08:00