Shell reported first-quarter profit of $7.7 billion on Thursday, sharply beating expectations after disruptions in the Red Sea and Russia lifted oil refining and trading.
The company also said it will repurchase a further $3.5 billion of its shares over the next three months, at a similar rate to the previous quarter. Its dividend remained unchanged.
Shell's cashflow rose by 6% from the previous quarter to $13.3 billion reflecting strong operational performance, which together with trading helped offset a decline in natural gas prices that weighed on earnings of rivals including Exxon Mobil and Chevron last week.
"Shell delivered another quarter of strong operational and financial performance, demonstrating our continued focus on delivering more value with less emissions," CEO Wael Sawan said.
Analysts had expected first-quarter adjusted earnings of $6.46 billion, against $9.65 billion a year earlier. The company had posted $7.3 billion in the fourth quarter of 2023, boosted by strong LNG trading results.
Shell's chemicals and products divisions, which include refining and oil trading, registered a more than threefold rise in adjusted earnings from the previous quarter to $2.8 billion. - Reuters