Royal Dutch Shell reported on Thursday a small drop in first quarter profit to $...
LONDON - Royal Dutch Shell reported on Thursday a small drop in first quarter profit to $5.4 billion, but still easily beat forecasts, helped by stronger trading and liquefied natural gas earnings.
Shell’s shares were up 2.5 percent by 0932 GMT, compared with a 0.25 percent decline for the sector’s broader index. Free cash flow - cash available to pay for dividends and share buybacks - dropped to $4 billion from $16.7 billion in the previous quarter and $5.2 billion a year earlier. “The market may not yet fully appreciate the progress that Shell has made, but the resiliency of the company’s cash cycle is being demonstrated. In our view, the track record has been re-established,” said Jefferies analyst Jason Gammel.Net income attributable to shareholders, based on current cost of supplies and excluding identified items, fell 2 percent to $5.43 billion in the first quarter from a year earlier.
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