Shell profits plunge 62% on price slump

Royal Dutch Shell Plc, Europe's largest oil company, said first-quarter profit fell 62 percent as a slump in crude prices reduced earnings from exploration and production.

Net income declined to $3.49 billion, or 57 cents a share, from $9.08 billion, or $1.46, a year earlier, The Hague-based company said yesterday. Excluding inventory changes and one-time items, earnings beat analysts' estimates.

Profit from refining and marketing unexpectedly rose 3.4 percent to $1.23 billion.