Royal Dutch Shell Plc showed it has adapted to a world of lower oil prices, generating a surge in cash that allowed it to pay dividends while reducing debt.
The Anglo-Dutch company’s first-quarter performance helps validate Chief Executive Officer Ben Van Beurden’s $54 billion purchase of BG Group Plc — for which some shareholders complained he overpaid — and the deep spending cuts and asset sales he undertook to protect the balance sheet.
Brazil Energy Insight 
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