Shell and BP post strong first quarter net profits on rising oil prices
Rising oil prices paved the way for first quarter net profits of nearly $5 billion for Shell oil, up nearly half over the first quarter of last year.
April 29, 2010 9:24 by Katherine Azmeh
Citing higher oil prices and a more robust business climate, Shell boosted net profits for the first quarter of 2010 around $3.7 billion over the last quarter of 2009, the BBC reported Thursday.
And oil giant BP posted strong first quarter numbers, as well, reporting replacement cost profits of $5.6 billion, versus $2.4 billion in the year earlier period, the BBC reported.
Average oil price for the first quarter 2010 is $76 per barrel, compared with $41 a barrel one year ago.