Shell Q1 profits soar on stronger oil prices

Shell’s net income attributable to shareholders in the quarter, based on a current cost of supplies and excluding identified items, rose to $5.322 billion from a year ago. (Reuters)
Updated 26 April 2018
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Shell Q1 profits soar on stronger oil prices

LONDON: Royal Dutch Shell on Thursday reported a 42 percent rise in profits in the first quarter of 2018, the highest in over three years, boosted by higher oil prices and beating analysts’ expectations.
Net income attributable to shareholders in the quarter, based on a current cost of supplies (CCS) and excluding identified items, rose to $5.322 billion from a year ago, compared with a company-provided analysts’ consensus of $5.277 billion.
A year ago, net income was $3.754 billion.
“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,” Chief Executive Officer Ben van Beurden said in a statement.
Benchmark Brent crude oil price recovered strongly in recent months to reach $75 a barrel, the highest since late 2014. Prices averaged around $67 a barrel in the first quarter, nearly 25 percent higher than a year ago.


Uber proposals value company at $120bn in a possible IPO

Updated 16 October 2018
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Uber proposals value company at $120bn in a possible IPO

  • Goldman Sachs Group Inc. and Morgan Stanley last month delivered the valuation proposals to Uber
  • Uber did not immediately respond to a request for comment

LOS ANGELES: Uber Technologies Inc. recently received proposals from Wall Street banks valuing the company at as much as $120 billion in an initial public offering that could take place early next year, the Wall Street Journal reported on Tuesday.
Goldman Sachs Group Inc. and Morgan Stanley last month delivered the valuation proposals to Uber, the report said, citing people familiar with the matter.
Uber did not immediately respond to a request for comment.