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.
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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