Shell Starts $3.5-Billion Share Buyback as Q1 Profits Trump Estimates

Helped by higher crude and product trading profits and increased refining margins, Shell NYSE SHEL smashed earnings estimates for the first quarter of the year and announced a new $3.5-billion share buyback as the UK-based supermajor looks to close the stock valuation gap to its U.S. peers. Shell reported on Thursday adjusted earnings of $7.7 billion for the first quarter, down from $9.6 billion for the same period of 2023.

Adjusted earnings in the integrated gas division fell from Q4, due to lower contributions from trading and optimization, which Shell, the world's top LNG trader, had already flagged last month. Shell said in April that it expects the trading results in its Integrated Gas division to be lower in the first quarter of 2024 compared to an exceptionally strong fourth quarter of 2023.

Source: News Formal (newsformal.com)

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