From NBCUniversal: 2024-05-02 02:37:54

British oil giant Shell reported a stronger-than-expected first-quarter profit of $7.7 billion, surpassing analyst expectations of $6.5 billion. The company’s adjusted earnings were down from $9.6 billion a year earlier and $7.3 billion in the last quarter of 2023. CEO Wael Sawan described the results as strong operationally and financially.

Shell announced a $3.5 billion share buyback program to be completed in the next three months, with unchanged dividends. Despite a 20% decrease in first-quarter profits compared to last year, Shell shares have risen by nearly 10% year-to-date. Other oil giants like Exxon Mobil, Chevron, TotalEnergies, and Equinor also reported steep declines in profits.

The energy industry is facing lower profits due to falling gas prices, with European spot gas prices dropping over 45% in the last year. Shell’s rival BP is set to report its first-quarter earnings on May 7. Shell’s performance mirrors a broader trend seen in the oil and gas sector amidst challenging market conditions.



Read more at NBCUniversal:: Shell beats profit estimates, launches $3.5 billion share buyback