Shell posts record profit on high energy prices and trade revival

LONDON: Shell reported record first-quarter profit of $9.13 billion on Thursday, boosted by rising oil and gas prices and a strong performance from its trading division.

Shell joins industry rivals including BP and TotalEnergies, which also posted strong profit gains on the back of energy prices and strong trade. Norway’s Equinor, one of Europe’s biggest gas sellers, reported record profits on Wednesday.

Shell said its dividend payments and share buybacks reached $5.4 billion in the quarter, as part of its $8.5 billion share buyback plan in the first half of the year. ‘year.

Its dividend rose to 25 cents per share as planned.

He said that in the current environment, he expects shareholder distributions to exceed 30% of cash flow in the second half.

Shell said it wrote down $3.9 billion after tax following its decision to end its operations in Russia after Moscow invaded Ukraine on February 24. It is also ending its oil and gas trade with Russia.

First-quarter adjusted profit rose 43% from the prior quarter to $9.13 billion, above the company’s average analyst forecast for profit of $8.67 billion.

That compares with a profit of $3.23 billion a year earlier. -Reuter

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