Royal Dutch Shell has announced profits of $4.9 billion (£3.2 billion) for the first quarter of 2010 – a rise of 48% on the same period in 2009. The results came a day after BP also reported bumper
profits for the first quarter - up 135% at $5.6billion (£3.7billion) compared to the same period the previous year. Royal Dutch Shell’s chief executive Peter Voser added: "Our results have improved considerably compared with year-ago levels, and our profitability has increased from the low levels we saw in the fourth quarter 2009. This has been driven by higher energy prices, operational and production performance and Shell’s growth programmes.
"We are making good progress in improving our near-term performance, delivering a new wave of production growth and maturing next generation project options."