Shell saw profit from its lubricants unit rebound in the first three months of the year to a two-year high.
The unit’s adjusted earnings of $345mn in the first quarter rose more than threefold from $79mn during the previous three months. The profit was the highest since the beginning of 2021.
Profit rose on the back of higher revenue and sales volumes.
The unit’s sales volume of 85,000 b/d (1.08mn t) in the first quarter rose from 74,000 b/d during the previous three months to the highest level in a year.
The unit’s revenue rose more strongly to the highest in more than three years.
A growing number of major lube blenders have seen an improvement in profit in the first three months of this year on the back of rising sales volumes and higher prices.
The higher prices helped to partially reverse the impact of rising base oil feedstock costs in 2022.
Shell is the world's largest lubricants supplier.