By Audrey Lotechukwu
THUR 29 APRIL, 2021-theGBJournal- Multinational oil major Royal Dutch Shell plc on Thursday reported its first quarter earnings reflecting a surprising strong start to 2021, amid recovering demand.
The oil giant generated over $8 billion of cash in the quarter and also raised dividend by around 4%, its second increase in six months.
Net debt was reduced by more than $4 billion to $71.3 billion in the quarter, progressing towards the $65 billion milestone to increase shareholder distributions.
Reported adjusted earnings is $3.234 billion for the period under review. The company said the Adjusted Earnings reflected favourable comparative deferred tax movements which were partly offset by around $200 million comparative adverse currency effects.
Royal Dutch Shell Chief Executive Officer, Ben van Beurden said “Shell has made a strong start to 2021,’’ adding that their competitive and robust financial performance ‘’provides the platform to achieve the goals of our Powering Progress strategy.”
‘’Q2 2021 total production is expected to be impacted by lower seasonal gas demand and divestments,’’ Shell warned in its outlook.