Industry

Baker Hughes announced net income for the Q1 2011 of US$381mn compared to US$129mn for the first quarter 2010 and US$335mn share for the fourth quarter 2010.

ExxonMobil saw Q1 2011 earning hit US$10.7 billion, up 69 per cent from the first quarter of 2010, reflecting higher crude oil and natural gas prices, increased refining margins and record chemical performance.

Royal Dutch Shell announced that its Q1 earnings rose 60 per cent, driven by higher oil prices despite a dip in production, and helped by asset sales and improving refining operations.

ConocoPhillips announced that Q1 earnings rose 43 per cent to hit US$3 billion as higher oil and gas prices made up for a sharp decline in production.