Royal Dutch Shell Plc

Shell earnings double as energy prices rebound

Royal Dutch Shell says first-quarter earnings more than doubled as energy prices rebounded and the company benefited from a cost-cutting drive announced when oil was at a 12-year low.

The Anglo-Dutch energy giant said Thursday that profit adjusted for changes in the value of inventories and excluding one-time items rose to $3.75 billion from $1.55 billion in the same period last year. Net income jumped to $3.54 billion from $484 million.

CEO Ben van Beurden says Shell has either announced or completed $20 billion of asset sales that will strengthen the bottom line. He says Shell is "rapidly transforming through the consistent and disciplined execution of our...