Puget Sound refinery Image: Shell Royal Dutch Shell plc said it expects to make the first profit from pumping oil since the start of the pandemic. Shell’s upstream unit, which largely handles the exploration and production of crude, was able to capture “the upside from the current commodity price environment” in the first quarter, according to a statement Wednesday. While earnings from natural gas, refining and chemicals helped Shell post an overall profit last year, its core business reported consistent losses after energy prices plunged due to COVID-19. The return to profit in the upstream is another signal that the industry is recovering from the historic slump. Gain a sound knowledge of Western Canada’s petrochemical and feedstock supply related energy industries through new course. The turn of fortune isn’t limited to Shell. European peer BP plc on Tuesday said that it had achieved its target of reducing net debt to $35 billion a year earlier than expected, a threshold at which it can restart share buybacks. Shell’s B shares rose 0.7 per cent to 1,365.40 pence as of 12:02 p.m. in London. They’re 8.4 per cent higher this year. While the industry is recovering, it still has some way […]
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