High oil prices boost Shell Q1 results

Anglo-Dutch energy concern Shell on Tuesday announced better than expected first quarter results helped by record oil prices.

The company said earnings (on so-called current cost of supply basis) rose 12% to $7.8 billion compared to $6.9 billion a year ago.
Shell said it will pay out a first quarter dividend of $0.40 per share, an increase of 11% on the same period in 2007.
In a statement Shell CEO Jeroen van der Veer said: ‘Good operating performance, combined with increased oil and gas prices, offset the impact of downstream conditions in the first quarter 2008. We have delivered another competitive set of earnings for Shell’s shareholders.
‘Shell has the largest capital spending programme in our industry today, to grow the company and play our part in ensuring that energy markets remain well supplied. Our strategy is on track.’

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