Europe’s oil major discount grows ever more stark, writes gfhay
Shell on May 5 reported first-quarter earnings of $9.1 billion, compared to $3.2 billion in the first quarter of 2021.
The UK oil group beat its previous highest quarterly profits recorded in 2008 even after writing down $3.9 billion post-tax as a result of its decision to exit operations in Russia. Shell said its dividend payments and share repurchases reached $5.4 billion in the quarter, part of its plan to buy back $8.5 billion of shares in the first half of the year. Shareholder distributions for the second half of 2022 are expected to be in excess of 30% of cash flow from operating activities, compared to a 20%-30% range before.s shares were trading at 22.95 pounds, up 3.2% in early trading.
France Dernières Nouvelles, France Actualités
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