Royal Dutch Shell Plc expects to make its first profit from pumping oil since the COVID-19 pandemic hit, Bloomberg reported.
- The company said its upstream unit was able to capture the upside from the current commodity price environment in the first quarter. The unit largely handles the exploration and production of crude.
- Shell said working capital will increase as a result of higher commodity prices, which will affect cash flow in its integrated gas, upstream, and chemical units.
- In a separate statement, Shell said it will not walk away from any trade associations including the American Petroleum Institute despite differences on climate policies. The group last month endorsed putting a price on CO2 emissions.
- The firm has promised to slash greenhouse gas emissions over the next three decades. It also linked the pay of over 16,500 staff to a target of reducing the carbon intensity of its products by 6% to 8% by 2023.
- Shell’s B shares grew 0.7% to 1,365.40 pence as of 12:02 p.m. in London. They are up 8.4% year-to-date.