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.
