Shell takes top earnings spot from Exxon as oil majors adapt to low prices

By Ron Bousso and Karolin Schaps LONDON (Reuters) - Royal Dutch Shell and BP on Tuesday joined peers in reporting higher than expected earnings by making further deep cuts in spending to cope with an oil price downturn now in its third year. Shell's stock rose by over 4 percent as it announced higher quarterly earnings than arch-rival U.S. Exxon Mobil, the world's largest listed oil company by output and market capitalisation. The oil price was trading flat on the day at around $49 a barrel.