Oil firms buoyed by rise in prices

Higher output and soaring oil prices helped North Sea majors Shell and Total to better-thanexpected first-quarter results yesterday.

Brent crude oil prices in the first three months of this year averaged about $67 a barrel – a big improvement since the price crash of late 2014.

Shell posted pre-tax earnings of £5.9 billion, up from £2.3bn a year earlier, with the company citing stronger oil and gas prices.

Its current cost of supplies measure of profits rose to £3.8bn, up from £2.7bn.

Shell’s first-quarter energy production totalled more than 3.8 million barrels of oil equivalent per day, a 2% increase on the same period in 2017.

French energy giant Total said first-quarter adjusted net income rose by 13% to £2bn, boosted by record production.