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Shell logs 'strong' quarter as earnings fall but top expectations

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British oil and gas giant Shell announced Thursday that first-quarter earnings fell but beat expectations in a 'strong' performance, and unveiled another bumper stock buyback. Shell had already warned last month that it expected lower natural gas sales in the first quarter after a particularly strong performance in the final three months of 2023.

British oil and gas giant Shell announced Thursday that first-quarter earnings fell but beat expectations in a"strong" performance, and unveiled another bumper stock buyback.

The energy major, which is investing heavily in renewables, insisted it remained on track to become a net zero emissions company by 2050, but its results sparked fresh anger from the green lobby.Shell also unveiled a fresh $3.5-billion stock buyback and forecast capital expenditure this year would reach between $22 billion and $24 billion, it added in a results statement.

Shell added that net profit, or profit after taxation, declined about 15 percent to $7.4 billion in the reporting period.

 

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