Shell on Thursday posted first-quarter net profit of $9.65 billion, topping analysts' forecasts, as strong earnings from fuel trading and higher liquefied natural gas (LNG) sales offset cooling energy prices.
Lower natural gas prices in the quarter weighed on Shell's giant integrated gas business, with profits slumping 18% to $4.9 billion. But this was broadly offset by a 139% jump in profits to $1.8 billion in its chemicals and refined products unit.
Shell, the world's top LNG trader, said LNG production rose in the quarter thanks to higher uptime at its giant Prelude floating facility off the coast of Australia.Shell reported adjusted earnings of $9.65 billion in the first quarter, exceeding a company-provided analyst forecast of $8 billion. The company's shares rose 2.5% in early London trading.
That compared with earnings of $9.1 billion a year earlier and $9.8 billion in the fourth quarter of 2022, when Shell reported a record annual profit of $40 billion. Shell kept its dividend unchanged at $0.2875 per share and also kept the rate of its share repurchase programme stable at $4 billion over the next three months. It bought back $19 billion in shares in the year to February 2023, nearly double the total in pre-pandemic 2019.
The British company maintained its 2023 capital spending plans unchanged in a range between $23 and $27 billion.
France Dernières Nouvelles, France Actualités
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