LONDON — Royal Dutch Shell says second-quarter earnings more than tripled as it benefited from a cost-cutting drive and recovering oil prices.
The Anglo-Dutch energy giant said Thursday that profit adjusted for changes in the value of inventories and excluding one-time items rose to $3.60 billion from $1.05 billion in the same period last year. Net income rose 31 per cent to $1.55 billion.
CEO Ben van Beurden says the earnings reflect Shell's restructuring to cope with lower oil prices and the purchase of natural gas producer BG Group. Shell's oil price averaged $45.62 a barrel for the quarter, up 16 per cent from a year earlier. Prices were above $100 a barrel as recently as 2014.
Van Beurden says the "external price environment and energy sector developments mean we will remain very disciplined."
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