SummarySummary Companies Shell, Equinor shares outperform sector indexRivals BP, Chevron, Exxon also beat expectationsOil and gas prices slumped in first quarterShell shares up 2.1%, Equinor up 2.7%LONDON/OSLO, May 4 (Reuters) - Energy giants Shell (SHEL.L) and Equinor (EQNR.OL) reported higher-than-expected first-quarter profits on Thursday, using the heft of their trading desks to offset lower oil and gas prices.
The stronger-than-expected profits from the two companies follow forecast beating results from rivals Exxon Mobil (XOM.N), Chevron and BP over the past week.
Shell's shares were up around 2.1% in early trading and Equinor shares rose around 2.7%, outperforming a European index of oil and gas companies (.SXEP) which was up around 1%.
Benchmark Brent crude oil prices averaged $81 per barrel in the first three months of the year, down 16% from a year earlier and 7% from the fourth-quarter.
Lower natural gas prices also weighed on Shell's giant integrated gas business, with profits slumping 18% on the quarter.