Royal Dutch Shell's has reported a 25 percent rise in first-quarter earnings, crediting strong increases in energy prices. Shell's first-quarter profit has soared to $9.08 billion thanks to record prices for crude oil, the Associated Press reported. Europe's largest oil company said Tuesday its average selling price of crude oil leaped by 66 percent to over $90 per barrel from the first quarter a year ago. That sent net profit soaring to a record $9.08 billion. Sales were up 55 percent to $114 billion. Chief Executive Jeroen van der Veer said in a statement the strong numbers were due to a "good operating performance, combined with increased oil and gas prices." Earnings from oil production rose 52 percent to $5.14 billion. Analysts say the performance was impressive.
