Based on an LSEG-compiled consensus, Shell announced adjusted earnings of $7.7 billion for the first three months of the year, exceeding analyst expectations of $6.5 billion. The results were characterized as “another quarter of strong operational and financial performance” by Shell CEO Wael Sawan. Shell declared that it will repurchase $3.5 billion worth of shares over the course of the following three months. It still pays the same dividend. The British oil company Shell revealed a better-than-expected first-quarter earnings on Thursday, driven by solid oil trade and increased refining margins.

The corporation reported adjusted earnings of $7.3 billion for the last three months of 2023 and $9.6 billion for the same period a year earlier. Shell CEO Wael Sawan described the results as “another quarter of strong operational and financial performance.”

The oil company declared that it will repurchase $3.5 billion worth of shares over the course of the following three months. It still pays the same dividend.
The London-listed company’s shares fell by about 0.1% on Thursday afternoon.

“Shell has beaten expectations by a reasonable margin, despite the impact of lower gas prices during the first quarter,” Stuart Lamont, investment manager at U.K.-based wealth manager RBC Brewin Dolphin, said in a statement.

“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 and underlines why the market, generally, remains bullish on Shell,” Lamont said.

“Investors were looking for reassurance on volumes and capital discipline, as these ultimately feed through to cash returns. Today’s update has delivered on both fronts, with the addition of an extension to the share buyback programme,” he added.

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