Shell on Thursday posted first-quarter net profit of $9.65 billion, topping analysts’ forecasts, as strong earnings from fuel trading offset cooling oil and gas prices.
Shell kept its dividend unchanged at $0.2875 per share and also kept the rate of its share repurchase programme stable at $4 billion over the next three months.
Shell reported adjusted earnings of $9.65 billion in the first quarter, exceeding a company-provided analyst forecast of $8 billion.
That compared with earnings of $9.1 billion a year earlier and $9.8 billion in the fourth quarter of 2022, when Shell reported a record annual profit of $40 billion.
Lower natural gas prices in the quarter weighed on Shell’s giant integrated gas business, with profits slumping 18% on the quarter to $4.9 billion. But this was broadly offset by a 139% jump in profits to $1.8 billion in its chemicals and refined products unit.