Shell Oil Co. said net income rose...

Shell Oil Co. said net income rose to $1.2 billion in the first quarter from $108 million in the year-ago quarter, noting that the current figure includes a one-time positive adjustment of $900 million as a result of an accounting change. Operating income, it said, rose 221% from the year-ago period to $345 million. President John F. Bookout commented: “Earnings increased in all major segments, especially in our oil and chemical products businesses, both of which had record quarters due to improved margins. These were the highest first-quarter earnings for the company since 1981.”