Shell Earnings Fall 62% on Oil Price Decline

Updated from 3:06 a.m. EDT AMSTERDAM -- Europe's largest oil company Royal Dutch Shell (RDS.A Quote) reported first-quarter net profit of $3.49 billion (2.65 billion euros), down 62% as oil prices fell sharply.

The net profit figure compares with $9.08 billion in the same period a year earlier.

The company's results are dominated by its production arm, which reported a 67% fall in earnings to $1.7 billion. Both oil production and sales prices fell.

Shell said it pumped 3.4 million barrels of oil and equivalents a day, a 3% fall, because of quota restrictions by OPEC and attacks on its facilities in Nigeria. ...