Shell on Thursday posted first-quarter net profit of $9.65 billion, topping analysts' forecasts, as strong earnings from fuel trading and higher liquefied natural gas (LNG) sales offset cooling energy prices.
Lower natural gas prices in the quarter weighed on Shell's giant integrated gas business, with profits slumping 18% to $4.9 billion. But this was broadly offset by a 139% jump in profits to $1.8 billion in its chemicals and refined products unit.Shell, the world's top LNG trader, said LNG production rose in the quarter thanks to higher uptime at its Prelude floating facility off the coast of Australia.
"In Q1, Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility," Chief Executive Officer Wael Sawan said in a statement.Shell logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/IllustrationShell reported adjusted earnings of $9.65 billion in the first quarter, exceeding a company-provided analyst forecast of $8 billion. The company's shares rose 2.
Shell showed "strong operational performance in the quarter across all divisions with oil and gas trading playing a key role," Jefferies analyst Giacomo Romeo said in a note.
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