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.
More on GCC
-
Qatar Holding, Italy Fund Eying Versace – Paper
-
Saudi government websites targeted
-
NCoV – First report of patient-to-nurse spread
-
Saudi regulations target stock market speculators
-
Dubai’s Arqaam Capital Eyes South Africa, Saudi Expansion
-
U.S. Targets Two UAE Firms For Dealing With Blacklisted Iran Banks
-
Airbus officially picked by Kuwait Airways
-
GMR reveals top 50 Mena Corporate Brands
-
Kuwait Airways to sign $3 billion-plus Airbus deal
-
Abu Dhabi Tourism Company Loss Widens
-
Emirates Airline reaps expansion profits
-
Saudi Arabia has 13 cases of SARS-like Coronavirus – WHO
-
UAE Central Bank Shuts Two Money Exchange Firms For Violations
-
Emal plans further expansion
-
Dubai looking at alternatives to repay debt
-
Two more die in Saudi Arabia from SARS-like virus – WHO
-
Alwaleed’s Kingdom on the prowl
-
Qatar Airways now looks to Airbus
-
World’s Longest-Range Passenger Jet
-
Abu Dhabi says financial zone will bridge a gap
Lately on Kipp
-
Qatar Holding, Italy Fund Eying Versace – Paper
-
Tesco Clothing Brand Plans International Expansion
-
Here’s to Yahoo being ‘cool’ again
-
Kindi enters into strategic partnership with MadVillage
-
First UTM solution to deliver combined gateway, endpoint and cloud web protection
-
Saudi government websites targeted
