LONDON: The oil-price rally proved a double-edged sword for Royal Dutch Shell Plc, as improved exploration and production lifted profit to a three-year high while refining and trading fell short of expectations.
Crude’s surge raised adjusted profit at Europe’s largest energy company to US$4.3bil last quarter, the highest since 2014. While the bottom line was better than expected – and Shell is making as much money with oil at US$60 a barrel as when it was US$100 – cash flow was the weakest since 2016.
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