Shell, Europe’s largest oil and gas company, reported a first-quarter profit of $7.7 billion (£6.1bn), exceeding analysts’ expectations by more than $1 billion (£800m).
However, this figure represents a decrease from the $9.7 billion (£7.7bn) profit recorded in the same period last year.
Starting a $3.5 billion (£2.7bn) share buyback plan, projected to conclude by the announcement of Q2 2024 results.
Total shareholder distributions paid over the past four quarters accounted for 41% of Cash Flow from Operations.
Wael Sawan, Chief Executive Officer of Shell plc, stated: “Shell delivered another quarter of strong operational and financial performance, demonstrating our continued focus on delivering more value with less emissions.
“We continue to deliver on our Capital Markets Day targets, giving us the confidence to commence another $3.5 billion (£2.7bn) buyback programme for the next three months.”
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