Shell profit drops in Q1 2014

Anglo-Dutch energy giant Shell announced Wednesday that its first quarter 2014 earnings, on a current cost of supplies (CCS) basis, reached USD4.5 billion compared with USD 8.0 billion for the first quarter 2013. First quarter 2014 CCS earnings excluding identified items were USD7.3 billion compared with USD7.5 billion for the first quarter 2013, a decrease of 3 percent, it said in a statement. Revenues for the Q1 were at USD109.6 billion compared to USD112.81 billion to the previous year quarter. "Our investment strategy is delivering where it matters - at the bottom line. The first quarter of 2014 has seen new, profitable production from the deep-water Gulf of Mexico and Iraq, together with new LNG from our acquisition of Repsol's portfolio," commented Shell chief executive Ben van Beurden. "I am determined to improve our competitiveness, and to adapt the company to respond to changes in the industry landscape, particularly in Oil Products and North America resources plays," he added.