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Higher oil prices boost Shell profits to $4.3bn

Shell slashed its dividend by two thirds a year ago as oil prices crashed and today confirmed previously announced plans to increase the quarterly payout
Shell slashed its dividend by two thirds a year ago as oil prices crashed and today confirmed previously announced plans to increase the quarterly payout
MATTHEW BUSCH/BLOOMBERG VIA GETTY IMAGES

Royal Dutch Shell profits jumped by 58 per cent to $4.3 billion in the first quarter as it was buoyed by higher oil prices.

The revival in fortunes at the Anglo-Dutch oil giant was driven by a recovery in Brent crude to $61 a barrel, from $50 a barrel a year earlier.

Ben van Beurden, chief executive, said it had made “a strong start to 2021, generating over $8 billion of cash in the quarter” and was “ideally positioned to benefit from recovering demand”.

Shell, which slashed its dividend by two thirds a year ago as oil prices crashed, confirmed previously announced plans to increase the quarterly payout by 4 per cent compared with the fourth quarter. It said, however, that debt levels remained too