The Press and Journal (Inverness, Highlands, and Islands)

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.

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