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Shell’s Profit Surges as Oil Sector Rebounds

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Royal Dutch Shell said net profit more than doubled in the first quarter, joining its peers in beating analyst forecasts as rebounding oil prices and refining margins lifted revenue after a near three-year downturn.

A 55 per cent rise in oil prices from a year ago and deep cost cuts boosted cash generation, enabling the Anglo-Dutch company to cover spending and dividend payouts, while reducing debt following its $54-billion acquisition of BG Group last year.

Shell remains on track to hit its $30-billion asset disposal program by 2018 to finance the BG acquisition, selling around $20-billion since 2016, including a large portfolio in the North Sea and exiting Canada’s oil sands.

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Written by Ron Bousso for Reuters.com

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