Shell profits lifted by record oil prices despite production drop

Energy giant Royal Dutch/Shell posted a 28-percent increase in first-quarter net profits to 5.548 billion dollars (4.293 billion euros), as soaring oil prices outweighed declining production.

Oil and gas output fell 5.3 percent to 3.847 million barrels per day during the three months to March, Shell said in an official statement.

Chief executive Jeroen van der Veer reassured investors regarding the position of the group, which acknowledged last year that it had overstated its proven reserves.