Oil giant Shell posted a strong increase in first quarter profits on Thursday, helped by higher oil prices.
First quarter 2011 earnings, on a current cost of supplies basis were $6.9bn compared with $4.9 bn a year ago. Cash flow from operating activities for the first quarter 2011 was $8.6bn
‘The recent increase in oil prices clearly demonstrates the interdependence of global energy suppliers and consumers, in an industry that needs sustained investment in diverse energy sources to meet customer demand,’ said CEO Peter Voser in a statement.
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