28 July 2017, Sweetcrude, Lagos – Royal Dutch Shell has announced that its net income for second quarter of the year, shot up by 31 percent.
The 31 percent rise, according to the company’s Chief Executive Officer, Ben Van Beurden today, pegged its net earnings at $1.55 billion.
He said the second-quarter earnings more than tripled due to benefits from a cost-cutting drive and recovering oil prices.
Beurden said that profit adjusted for changes in the value of inventories and excluding one-time items rose to $3.60 billion from $1.05 billion in the same period last year.
He said the earnings reflect Shell’s restructuring to cope with lower oil prices including the purchase of BG Group.
Shell’s oil price averaged $45.62 a barrel for the quarter, up 16 percent from a year earlier. Prices were above $100 a barrel as recently as 2014.
According to the CEO, the company will remain “very disciplined due to the external price environment and energy sector developments”, according to PennEnergy.