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Published:April 29th, 2008 08:01 EST
$16.6 b-b-billion windfall for Shell and BP

$16.6 b-b-billion windfall for Shell and BP

By SOP newswire

Oil giants Royal Dutch Shell and BP announced record profits for the first quarter of this year, driven by the surging price of crude oil.

Royal Dutch Shell says its first quarter net income jumped 25 percent to more than $9 billion. BP says its profits soared 63 percent to about $7.6 billion.

Both companies said oil and gas production remained unchanged during the quarter.

ExxonMobil is scheduled to report its first quarter results May 1. Some economists expect the company will also announce record profits.

ConocoPhillips said April 24 its first quarter profit rose 17 percent to more than $4 billion.

Meanwhile, oil prices continued to ease downward from Monday`s record high of almost $120 a barrel after British refinery workers ended a two-day strike.

The strike shut down production at the Grangemouth refinery and forced the closure of a North Sea oil pipeline which carries about 40 percent of Britain`s oil.

Investors have also been concerned about a strike by oil workers in Nigeria.

Some information for this report was provided by AFP, Bloomberg and Reuters.