Shell increased its net income by 67 percent to $5.89 billion in the first quarter of 2018, the company announced in its first quarter report on Thursday.
Cash flow from operating activities decreased only one percent to $9.42 billion in the first quarter of 2018 compared to same period of 2017, according to the report.
The company increased its total production by 2 percent to 3.83 million barrels of oil equivalent per day in the first quarter of 2018.
'Shell's strong earnings this quarter were underpinned by higher oil and gas prices, the continued growth and very good performance of our integrated gas business, and improved profitability in our upstream business,' Royal Dutch Shell Chief Executive Officer Ben van Beurden was quoted as saying.
'Less favorable refining market conditions and lower contributions from trading impacted the earnings of our downstream business,' he added.
During the quarter, Shell announced the sale of its shares in Shell entities in New Zealand to OMV for $578 million.
In April, Shell signed an agreement to sell its downstream business in Argentina to Raizen. The sale includes the Buenos Aires refinery, around 645 retail stations, commercial businesses, as well as supply and distribution activities in the country, according to the report.
By Huseyin Erdogan