Shell's adjusted earnings rose by 13% in the first quarter of 2021 compared to the same quarter of last year, reflecting higher realized oil prices, according to the company's financial results on Thursday.
Shell posted $3.2 billion income for the first quarter of this year, surpassing even its profit of around $2.9 billion year-on-year, and fourth-quarter 2020 profit of $393 million.
The company's revenue for the January-March period was $55.7 billion, down from about $60 billion in the same quarter of 2020 and up from nearly $44 billion during the last quarter of 2020.
"Shell has made a strong start to 2021," Ben van Beurden, Royal Dutch Shell CEO, was quoted as saying in the statement.
Beurden said the company’s integrated business model is ideally positioned to benefit from recovering demand.
By Firdevs Yuksel and Sibel Morrow