Shell Beats Expectations Despite Profit Drop, Announces Buyback
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Shell reported stronger-than-expected first-quarter profits of $5.58 billion, exceeding analyst predictions, despite a 28% year-on-year decline. This beat expectations by approximately $0.6 billion. The company announced another $3.5 billion share buyback program, its 14th consecutive quarter of at least $3 billion in buybacks, in contrast to rival BP's reduced buyback. Shell's CEO called the results 'solid,' reaffirming the company's reduced annual investment budget and commitment to shareholder returns and LNG.
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