Energy giants Shell and Equinor reported higher-than-expected first-quarter profits on Thursday, using the heft of their trading desks to offset lower oil and gas prices.
Both companies are keeping dividends and share buybacks steady in contrast with BP, whose share price took a beating on Tuesday after it said its buyback would be smaller than in the previous quarter.
to Europe had declined by 37% year-on-year in the first quarter while the price of oil was down by 24%. A Shell logo is pictured during the European Business Aviation Convention & Exhibition in Geneva, Switzerland, May 23, 2022. REUTERS/Denis Balibouse Shell reported overall adjusted earnings of $9.65 billion in the first quarter, exceeding a company-provided analyst forecast of $8 billion.
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