Shell beats expectations with $7.7 billion first-quarter profit

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Islanders flock to Charlottetown Flea Market for affordable finds amid rising costs | SaltWireLONDON - Shell on Thursday reported first-quarter adjusted earnings of $7.7 billion, sharply beating expectations, on the back of strong oil trading and higher refining margins.

Analysts had expected first-quarter adjusted earnings of $6.46 billion, against $9.65 billion a year earlier. Shell shares have gained about 14% this year, buoyed by Sawan's efforts to cut costs and focus the company on its most profitable oprations. The results were offset by weaker results from its flagship liquefied natural gas trading business compared with the previous quarter as well as unfavourable tax movements, Shell said.

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