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Shell posts ‘strong’ profits, unveils $4bn buyback

Petrol-price-2022-06-07

Shell has benefited from high energy prices

Energy company Shell posted earnings of $9.65bn (£7.6bn) for the first three months of this year, joining its rival BP in beating forecasts.

The Q1 figure compares to $9.13bn it made in the first quarter of 2022 which came amid oil and gas prices surging after the invasion of Ukraine.

However, profits are lower than the $9.8bn it made in the final quarter of last year as oil and gas prices fall from their highs last summer.

Shell announced a new $4bn share buyback programme, expected to be completed by Q2 2023 results announcement, which would bring total shareholder distributions to $12 billion for the first half of 2023.

Chief executive Wael Sawan said: “In Q1 Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility, while continuing to provide vital supplies of secure energy.

“We will commence a $4 billion share buyback programme for the next three months as part of our commitment to deliver attractive shareholder returns.”

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