Shell posts higher Q1 profit of $12.8 billion despite lower energy prices

LONDON – Shell on Thursday posted first-quarter net profit of US$9.65 billion (S$12.8 billion), topping analysts’ forecasts, as strong earnings from fuel trading offset cooling oil and gas prices.

Shell kept its dividend unchanged at 28.75 US cents per share and also kept the rate of its share repurchase programme stable at US$4 billion over the next three months.

Its earnings exceeded a company-provided analyst forecast of US$8 billion. It also beat net profit of US$9.1 billion in 2022 and $9.8 billion in the fourth quarter of 2022, when Shell reported a record annual profit of US$40 billion.

Lower natural gas prices in the quarter weighed on Shell’s giant integrated gas business, with profits slumping 18 per cent on the quarter to US$4.9 billion. But this was broadly offset by a 139 per cent jump in profit to US$1.8 billion in its chemicals and refined products unit.