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Oil giant records 41% rise in profits

Published 03/05/2011

The soaring price of crude oil helped Royal Dutch Shell post a 41% rise in profits in the first three months of the year. The oil major reported net profits of $6.9bn (£4.1bn) in the first quarter, up from $4.8bn a year earlier.

The group has introduced a $1bn cost-cutting programme and Peter Voser, chief executive, aims to up production to 3.7m barrels a day in two years. Shell expects to deliver 20 new projects in the next three years.

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