Shell Reports 44% Plunge in CCS Earnings in First Quarter

UK-based Royal Dutch Shell reported a 44% plunge in its current cost of supplies (CCS) earnings in the first quarter of the year compared to the first quarter of 2013. 

‘Compared with the first quarter 2013, Upstream earnings excluding identified items were supported by stronger Integrated Gas results as well as higher gas realisations and gas trading results. This was offset by the impact of exploration well write-offs, and higher costs and depreciation. Downstream earnings excluding identified items were impacted by lower industry refining margins and trading results,’ reads a note released on Wednesday.

But Shell’s targets for the year remain unchanged. 

“The priorities I set out at the start of 2014 have not changed… We are aiming to continue to balance growth and returns, by focusing sharply on our three key priorities – better financial performance, enhanced capital efficiency, including more selectivity on project choices and $15 billion of divestments in 2014-15, and continuing strong project delivery,” Shells’ CEO Ben van Beurden commented in the press release.