Shell Q1 beats estimates as profit hits $7.7bn, launches $3.5bn buyback
Oil and gas giant on Thursday reported much better-than-expected first-quarter earnings on the back of higher margins from crude and oil products trading and also unveiled a new $3.5bn share buyback.
Adjusted earnings rose 6% to $7.7bn for the first three months of the year, smashing estimates of $6.5bn but lower than the $9.6bn reported in the first three months of 2023 as energy companies cashed in on surging oil and gas prices.
Adjusted earnings before interest, tax depreciation and amortisation came in at $18.7bn compared with $16.3bn in the fourth quarter, but lower than the $21.2bn reported in the first quarter of 2023.
Reporting by Frank Prenesti for Sharecast.com
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.