Shell Canada Ltd said performance in all business segments in the first quarter showed improvement over last year and it expects significantly enhanced performance in 1987. Shell Canada reported first quarter earnings of 103 mln dlrs or 90 cts per share up from 40 mln dlrs or 32 cts per share. Oil products earnings were 38 mln dlrs up 19 mln dlrs from last year when margins were impaired by lower oil prices. Shell Canada said chemical earnings were 17 mln dlrs in the quarter compared with a loss of five mln dlrs in 1986. The styrene business saw significant improvement stemming from an increase in international demand. Resources earnings increased by six mln dlrs to 46 mln dlrs. Lower prices for all commodities were offset by the removal of the Petroleum and Gas Revenue Tax the impact of lower royalty rates and higher volumes. Gross production of crude oil and natural gas liquids increased seven pct from the first quarter of last year to 11200 cubic meters a day Shell said. Shell Canada also said natural gas sales volumes of 19.6 mln cubic meters a day was up five pct from last year. Sulphur sales of 4143 tonnes a day were up 70 pct. The company also recorded benefits of 10 mln dlrs from the acquisition of Shell Explorer Ltd. Interest expense for the quarter was lower than in the previous year due to the early retirement of a 200 mln U.S. dlr debenture and the impact of a stronger Canadian dollar on U.S. dollar-denominated debt.
SHELL CANADA <SHC.TO> SEES BETTER YEAR