Shell (SHEL.L) reported a $9.65 billion first-quarter net profit on Thursday, above analysts’ expectations. Fuel trading earnings offset falling oil and gas prices.
For the next three months, Shell maintained its $0.2875 dividend and $4 billion share repurchase program.
Shell’s first-quarter adjusted earnings were $9.65 billion, above the company’s $8 billion consensus projection.
That compared to $9.1 billion a year earlier and $9.8 billion in the fourth quarter of 2022 when Shell reported a record $40 billion profit.
Due to lower natural gas prices, Shell’s integrated gas division lost 18% to $4.9 billion. However, its chemicals and refined products unit earned $1.8 billion, up 139%.
