Despite the fall in oil prices, Shell profits rose to $6.9bn, up 14% on last year, the company announced on Thursday. Shell will pay out an interim dividend for the first quarter of 2007 of 36 dollar cents, up 14% on last year.

Results in development and production, Shell’s most important division, were under pressure with a drop of around 6% to $3.51bn. As well as the drop in gas and oil prices, production was down and costs were up.
Refining and sales had a strong first quarter due to higher margins, with a rise in profits from $1.33bn to $1.49bn. The chemical division tripled its profits to $480mln.