Shell joins sector rivals, including BP and TotalEnergies, which also saw a sharp rise in profits driven by energy prices and strong trading. Norway's Equinor, a major seller of gas in Europe, reported record earnings on Wednesday.
Shell said that its dividend payments and share repurchases reached $5.4 billion in the quarter, part of its plan to buy back $8.5 billion shares in the first half of the year.It said that in the current environment it expects shareholder distributions to exceed 30% of cashflow in the second half of the year.
Shell said it wrote down $3.9 billion post-tax as a result of its decision to exit its operations in Russia following Moscow's invasion of Ukraine on Feb. 24. It is also winding down oil and gas trading with Russia. First-quarter adjusted earnings rose 43% from the previous quarter to $9.13 billion, above an average analyst forecast provided by the company for a $8.67 billion profit.
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