Shell's profit beats expectations at $6.9 billion, cuts share buybacks
Trading gains and higher crude prices offset a 4% production drop as Shell lifted its dividend 5% and trimmed buybacks to $3 billion.
- 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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Foreign oil company profits double with assist from Trump's moves: NYT
Major energy companies are reaping enormous profits from the ongoing Strait of Hormuz stalemate triggered by Donald Trump's war on Iran, with European oil giants reporting dramatic earnings surges while American producers sit on the sidelines, the New York Times is reporting.British energy giant Shell reported robust first-quarter profits Thursday, with adjusted earnings soaring 24 percent to $6.92 billion — more than twice what the company earn…
Shell’s profits ‘obscene’ as European oil majors’ profits surge by 43%
As Shell announces bumper Q1 profits of $6.9 billion, new analysis from Global Witness reveals that six of Europe’s leading oil majors – bp, Shell, TotalEnergies, Eni, Equinor and Repsol – have recorded the highest quarterly profits since 2022, when they reaped the benefits of the fallout from Russi...
The British oil company Shell benefits from the war in the Middle East. In the first quarter the profit was twice as high as in the previous period. Especially the refinery division and production increased significantly.
The war between Iran and the US is proving lucrative for oil companies. Following Total and BP, Shell reported a profit explosion on Wednesday due to rising oil prices. This is leading to calls for an additional tax on profits.
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