Shell beats expectations with $7.7 billion profits in Q1

Shell said on Thursday it reported first-quarter adjusted earnings of $7.7 billion, strongly beating expectations, thanks to strong oil trading and higher refining margins.

The company announced that it will repurchase shares worth another $3.5 billion over the next three months, at a rate similar to the previous quarter. While its cash dividends remained unchanged.

Wael Sawan, CEO of Shell, said in a statement, “Shell achieved strong operational and financial performance in another quarter, which demonstrates our continued focus on providing greater value with fewer emissions.”

Analysts expected first-quarter adjusted profits to reach $6.46 billion, compared to $9.65 billion in the previous year.

The company achieved profits of $7.3 billion in the fourth quarter of 2023, supported by strong trading in liquefied natural gas.

Shell shares have risen 14% this year so far, supported by Sawan’s efforts to reduce costs and the company’s focus on its most profitable operations.