The oil-price rally worked both ways for Royal Dutch Shell Plc as improved exploration and production lifted profit to a three-year high while refining and trading fell short of expectations as margins shrank.
Crude’s surge raised adjusted profit at Europe’s largest energy company to $4.3 billion last quarter, the highest since 2014. While the bottom line was better than expected — and Shell is making as much money with oil at $60 a barrel as when it was $100 — cash flow was the weakest since 2016.
Brazil Energy Insight 
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