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The Telegraph
The Telegraph
2 May 2024
Chris Price


Shell smashes estimates with £6.1bn profit

Shell surpassed market expectations with a $7.7bn (£6.1bn) profit in the first three months of the year and announced fresh returns to shareholders.

The oil giant had been expected to record first quarter profits of about $6.3bn (£5bn) but surprised markets with a result that was £1bn better than expected.

However, its adjusted net income - its preferred measure of earnings - was still down from $9.7bn (£7.7bn) the previous year, when it was still reaping the benefits of the energy price shock caused by Vladimir Putin’s decision to invade Ukraine.

The FTSE 100 oil giant announced it would repurchase another $3.5bn of shares in the second quarter after the strong performance, matching the buybacks of the previous two quarters.

Last year, it returns a total of $23bn to shareholders.

Chief executive Wael Sawan said: “Shell delivered another quarter of strong operational and financial performance, demonstrating our continued focus on delivering more value with less emissions.”

Read the latest updates below.