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Shell's profit beats expectations at $6.9 billion, cuts share buybacks
Shell said higher oil prices and stronger trading lifted adjusted earnings to $6.92 billion, while it cut buybacks to $3 billion and raised the dividend 5%.
- Shell reported underlying first-quarter earnings of $6.92 billion on Thursday, more than double the prior quarter and 24% higher year-on-year. Chief Executive Wael Sawan credited relentless operational focus during unprecedented market disruption.
- Surging Brent crude, jet fuel, and gas prices linked to the Iran war drove the profit surge. Regional attacks in March halted production at Shell's PearlGTL site in Qatar and disrupted shipping in the Strait of Hormuz.
- Shell announced $3 billion in share buybacks and a 5% dividend increase for shareholders. The company recently agreed to a $16.4 billion deal acquiring Canadian energy firm ARC Resources, which Sawan said will "deliver value for decades to come."
- Shell's chemicals and products division saw underlying earnings more than quadruple to $1.93 billion from $449 million a year earlier. Rival BP reported strong first-quarter profits of $3.2 billion last week, capitalizing on volatile trading conditions.
- Campaigners warn households face higher energy bills, intensifying political scrutiny of energy-sector returns. These concerns arise ahead of the July 1 price-cap update, which could shape future regulatory responses to Shell's financial results.
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53 Articles
The oil giant Shell has started with a profit jump into the new year. The drivers were the oil and gas prices exploded because of the Iran war. Shareholders are to receive a higher dividend.
·Hamburg, Germany
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Adjusted profits of the British energy giant have risen to US$ 6,915 billion, compared to US$ 3,26 billion recorded in the previous quarter
·Brazil
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Daily Journal+15 Reposted by 15 other sources
Shell profit jumps as Mideast war fuels oil prices
British energy giant Shell announced Thursday rising net profits for the first quarter as the Middle East war sent oil and gas prices soaring in volatile trading.
·Cherokee County, United States
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Shell's profits have skyrocketed due to high oil and gas prices, even though part of its production facilities have been shut down or even...
·Amsterdam, Netherlands (Kingdom of the)
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Total News Sources53
Leaning Left6Leaning Right12Center13Last UpdatedBias Distribution42% Center
Bias Distribution
- 42% of the sources are Center
42% Center
L 19%
C 42%
R 39%
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