Shell posts record Q1 profits, announces $4bn in share buybacks
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Shell reported a record Q1 profit of $9.6 billion (£7.64bn), surpassing analysts’ estimates of $8bn (£6.37bn), as higher trading earnings and liquefied natural gas (LNG) production compensated for lower oil and gas prices.
Earnings from the integrated gas division reached $4.9bn (£3.9bn), with higher LNG production at Shell’s Prelude project in Australia offsetting falling prices.
To “deliver attractive shareholder returns” the energy giant announced an additional $4bn (£3.18bn) in share buybacks over the next three months.
CEO Wael Sawan said: “In Q1 Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility, while continuing to provide vital supplies of secure energy. We will commence a $4 billion share buyback programme for the next three months as part of our commitment to deliver attractive shareholder returns.”
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