Shell Quarterly Profit Beats Estimates on Refining Earnings


Royal Dutch Shell Plc’s first-quarter profit beat analyst estimates as better-than-expected earnings from oil refining and chemicals production countered crude prices at a 12-year low.

Profit adjusted for one-time items and inventory changes fell 58 percent to $1.6 billion, exceeding the $1.18 billion average of analysts’ estimates compiled by Bloomberg. Europe’s biggest oil producer, which borrowed to finance its $52 billion acquisition of BG Group Plc in February, signaled it would cut billions more from its capital investment budget to ensure it can keep paying dividends without seeing debt rise further.

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