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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

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.

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