Royal Dutch Shell grew first-quarter net profits by 11 per cent to $7.66bn (£4.76bn) on a current cost basis, while raising the quarterly dividend by 1¢ to $0.43. The Anglo-Dutch group generated $120bn in revenues, up in line with an 11 per cent increase in Brent Crude to $118.60 a barrel. High oil prices also prompted a 56 per cent rise in operating cash flow (excluding working capital).
Daily production was broadly static at 3.55m barrels of oil equivalent (3.5m in 2011), although LNG sales volumes increased by 17 per cent on 2011, partly due to a growing contribution from Qatargas 4. Shell's chief executive, Peter Vosser, said the group is focusing on "the next generation of growth options for shareholders". After hiving off $2.4bn in underperforming assets during the quarter, Shell now expects asset sales in excess of $4bn for 2012, including its downstream petrol stations in North America.
