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Shell reports sharp rise in Q1 profits

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Reuters are reporting that Royal Dutch Shell has announced a sharp increase in net profit, ahead of analyst forecasts and supported by stronger oil prices and improved refining margins.

Net income in the quarter, based on a current cost of supplies (CCS) and excluding exceptional items rose 136% to US$3.86 billion, compared with a company-provided analysts' consensus of US$3.05 billion.

A year ago, net income was US$1.64 billion.

A billion dollars in cost savings and budget cuts made over the past three years as well as around US$20 billion of asset sales following the US$54 billion acquisition of BG Group last February helped increase cash flow and boost profits.

Shell joined rivals in reporting better than expected results, after BP, Exxon Mobil, Chevron and Total all posted analyst-beating earnings.

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