Shell also said it will repurchase a further $3.5-billion of its shares over the next three months, at a similar rate to the previous quarter
reported first-quarter profit of $7.7-billion on Thursday, sharply beating expectations after disruptions in the Red Sea and Russia lifted oil refining and trading.
“Shell delivered another quarter of strong operational and financial performance, demonstrating our continued focus on delivering more value with less emissions,” CEO Wael Sawan said. Refined oil product trading was boosted by disruptions to shipping in the Red Sea as well as outages at Russian refineries because of Ukrainian drone attacks in recent months, finance chief Sinead Gorman told reporters.
“Shell has beaten expectations by a reasonable margin, despite the impact of lower gas prices during the first quarter. Earnings are up, costs have fallen, and the oil and gas major has brought debt down too – all in all, it’s a solid set of numbers,” said Stuart Lamont, investment manager at RBC Brewin Dolphin.
Shareholders will vote later this month on Shell’s strategy as well as a shareholder resolution calling on the company to tighten climate targets.
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