Shell smashes expectations with $7.7 billion Q1 profit | REUTERS
oil giant shell comfortably be expectations in the first quarter the London listed firm reported first quarter profits of $7.7 billion on Thursday he credited strong oil trading and higher refining margins CEO W saan said shell delivered a strong quarter while also keeping its focus on delivering more value with less emissions Shell’s performance outdid Rivals last week Exxon Chevron and total energes all reported a drop in profits from a year earlier they faced a sharp downturn in natural gas prices Shell’s chemicals and products division was a particularly strong performer it saw a more than three-fold rise in adjusted earnings from the previous quarter to $2.8 billion though shell said the results were offset by a weaker showing from the liquefied natural gas trading business as sales there dropped 7% the company also announced it will repurchased $3.5 billion of its shares over the next 3 months its stock has gained about 14% this year investors have cheered San’s efforts to cut costs and focus the company on its most profitable operations
Shell reported a first-quarter profit of $7.7 billion, sharply beating expectations after disruptions in the Red Sea and Russia lifted oil refining and trading.
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