British energy giant Shell on Thursday posted soaring first-quarter profit despite lower energy prices, after it was hit one year ago by a large charge over its exit from Russia.<\/p>\n
Profit after tax leapt 22 percent to $8.7 billion (6.7 billion euros), Shell said in a results statement, but noted it also faced “lower realised oil and gas prices”.<\/p>\n
That compared with net profit of $7.1 billion a year earlier, when its performance was skewed by a $3.9 billion charge on its departure from Russia after Moscow invaded Ukraine.<\/p>\n
Adjusted earnings rose almost six percent to \u00a39.6 billion in the quarter, boosted by lower operating expenses and a better performance from its chemicals division.<\/p>\n
Revenues advanced seven percent to $89 billion.<\/p>\n
Shell chief executive Wael Sawan praised the group’s solid performance as he also unveiled a $4.0 billion share buyback.<\/p>\n
“Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility, while continuing to deliver vital supplies of secure energy,” Sawan said.<\/p>\n
“We will commence a $4 billion share buyback programme for the next three months as part of our commitment to deliver attractive shareholder returns.”<\/p>\n
The news came after BP announced Tuesday that it had rebounded into net profit of $8.2 billion in the same period, as Shell’s rival recovered from a record loss of $20.4 billion a year earlier after also ending operations in Russia.<\/p>\n
This week’s UK energy sector earnings have sparked fury among activists, as consumers remain plagued by a cost-of-living crisis caused largely by sky-high energy bills in the wake of the Ukraine war.<\/p>\n","protected":false},"excerpt":{"rendered":"
British energy giant Shell on Thursday posted soaring first-quarter profit despite lower energy prices, after it was hit one year ago by a large charge over its exit from Russia. Profit after tax leapt 22 percent to $8.7 billion (6.7 billion euros), Shell said in a results statement, but noted it also faced “lower realised oil and gas prices”. That compared with net profit of $7.1 billion a year earlier, when its performance was skewed by a $3.9 billion charge on its departure from Russia after Moscow invaded Ukraine. Adjusted earnings rose almost six percent to \u00a39.6 billion in the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[132],"tags":[],"class_list":["post-574712","post","type-post","status-publish","format-standard","hentry","category-power"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/574712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=574712"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/574712\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=574712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=574712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=574712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}