Shell has reported stronger than expected profits for the first quarter of 2024.
The energy giant reported adjusted earnings of $7.7bn (£6.14bn) against analysts predictions of $6.5bn (£5.18bn).
It represents a slight rise quarter-on-quarter from the $7.3bn (£5.82bn) reported for the last three months of 2023, however is a significant drop from the $9.6bn (£7.65bn) reported in the first quarter of 2023.
The company credited strong oil trading for the performance.
Shell has also rewarded investors with a $3.5bn (£2.79bn) share buyback and maintained dividend at the same level seen over the final quarter of 2024.
CEO Wael Sawan said: "Shell delivered another quarter of strong operational and financial performance, demonstrating our continued focus on delivering more value with less emissions.
"We continue to deliver on our Capital Markets Day targets, giving us the confidence to commence another $3.5 billion buyback programme for the next three months."
FTSE 100
The UK's flagship share index, the FTSE 100, was up 17-points at 8,138 shortly after opening this morning.
Brent crude oil futures were up 0.59%, trading at $83.93 a barrel.
Companies reporting today
- Apple - Q2 Results
- Apax Global Mining - Q1 Results
- Endeavour Mining - Q1 Results
- Hiscox - Q1 Trading Statement
- Lancashire Holdings - Q1 Trading Statement
- Novo Nordik - Q1 Results
- RHI Magnesita - Q1 Trading Statement
- Shell - Q1 Results
- Smurfit Kappa - Q1 Trading Statement
- Spectris - Q1 Trading Statement
- Standard Chartered - Q1 Results
- TI Fluid Systems - Q1 Trading Statement