Shell posts Q1 profit of US$9.65 billion, lifted by fuel trading

SHELL on Thursday (May 4) posted first-quarter net profit of US$9.65 billion, topping analysts’ forecasts, as strong earnings from fuel trading offset cooling oil and gas prices.

Shell kept its dividend unchanged at US$0.2875 per share, and also kept the rate of its share repurchase programme stable at US$4 billion over the next three months.

Shell reported adjusted earnings of US$9.65 billion in the first quarter, exceeding a company-provided analyst forecast of US$8 billion.

That compared with earnings of US$9.1 billion a year earlier and US$9.8 billion in the fourth quarter of 2022, when Shell reported a record annual profit of US$40 billion.

Lower natural gas prices in the quarter weighed on Shell’s giant integrated gas business, with profits slumping 18 per cent on the quarter to US$4.9 billion. But this was broadly offset by a 139 per cent jump in profits to US $1.8 billion in its chemicals and refined products unit. REUTERS