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Energy giant's strong earnings

Shell profits rise on higher oil and gas prices

Shell benefited from higher oil and gas prices which pushed up first quarter profits by 42% to $5.322 billion from a year ago, compared with a company-provided analysts’ consensus of $5.277 billion.

Chief Executive Ben van Beurden commented: “Shell’s strong earnings this quarter were underpinned by higher oil and gas prices, the continued growth and very good performance of our Integrated Gas business, and improved profitability in our Upstream business.

“Less favourable refining market conditions and lower contributions from trading impacted the earnings of our Downstream business.

“We continue to upgrade our portfolio through performance improvement, new projects, divestments and the development of new businesses. Competitiveness and resilience – now and through the energy transition – are key features of our world-class investment case.

“We have a strong financial framework. Our commitment to capital discipline is unchanged, we are making good progress with our $30 billion divestment programme and our outlook for free cash flow – which covered our cash dividend and interest this quarter and over the last year – is consistent with our intent to buy back at least $25 billion of our shares over the period 2018-2020.”

 

 



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