Shell confirms profits rise

<p>Shell made over £5 billion in the first quarter of 2013.</p>

Royal Dutch Shell's share price rose today (May 2nd) following the announcement from the oil company that its profits were up over the first quarter of the year.

The firm revealed it made profits of $7.95 billion (£5.1 billion), a rise of 3.5 per cent on 12 months previously.

But revenue at Shell was shown in its latest financial data to have dropped to $112.8 billion in the first quarter from $119.92 billion last year.

It was announced by the firm that chief executive Peter Voser is set to step down next year and he warned the industry is still facing "significant" energy price volatility because of economic and political turmoil around the world.

He added: "These results were underpinned by Shell's growth projects, an improvement in downstream profitability and were delivered despite a difficult security environment in Nigeria."

At 08:30 this morning (May 2nd), shares in Royal Dutch Shell were trading at 2,276.50, a rise of 17.50 points on the start of the day.

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