Shell Q1 beats estimates as profit hits $7.7bn, launches $3.5bn buyback

(Sharecast News) - Oil and gas giant Shell on Thursday reported much better-than-expected first-quarter earnings on the back of higher margins from crude and oil products trading and also unveiled a new $3.5bn share buyback. Adjusted earnings rose 6% to $7.7bn for the first three months of the year, smashing estimates of $6.5bn but lower than the $9.6bn reported in the first three months of 2023 as energy companies cashed in on surging oil and gas prices.

Adjusted earnings before interest, tax depreciation and amortisation came in at $18.7bn compared with $16.3bn in the fourth quarter, but lower than the $21.2bn reported in the first quarter of 2023.

Reporting by Frank Prenesti for Sharecast.com