Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Shell hands £4.7bn to shareholders as quarterly profits beat forecasts

Shell hands £4.7bn to shareholders as quarterly profits beat forecasts

Strong fuel trading helps the company offset the impact of lower oil and gas prices over the first three months of the year, allowing it to match the rewards for shareholders handed out after the fourth quarter of 2022.

Shell has revealed it is handing a further $6bn (£4.7bn) to shareholders after its latest quarterly profits beat its own forecasts.

The oil and gas major reported net profits of $9.6bn (£7.6bn) for the first three months of the year.

The figure was slightly down on the sum achieved in the final quarter of 2022 but above the $9.1bn (£7.2bn) achieved in the same period a year earlier.

Its own estimate in advance of the first quarter earnings report had stood at $8bn (£6.3bn).

Shell said the performance reflected a cooling in oil and gas prices since the start of 2023 and higher taxes.

The headwinds, it reported, were partially offset by improved volumes and a better performance from fuel trading and its chemicals and products division.

Its rewards for shareholders - in dividends and share buy-backs - matched the amount handed back in the previous quarter.

Shell said the $4bn buyback programme was due to be completed by the end of the current second quarter.

The dividend of $0.2875 per share was the same as the amount paid for October-December.

While the profits made by the likes of Shell and BP, which revealed its figures earlier this week, are welcome for investors and pension funds alike, they have also prompted much debate over whether they should be paying more to the public purse through windfall taxes.


Shell said it took an accounting charge of $441m (£351m) relating to the Energy Profits Levy on its North Sea operations in the last quarter of 2022.

Its total liability for the last calendar year was $134m (£106.6m) - of which $57m (£45.3) was paid last year.

However, rebates meant the net charge stood at $8m (£6.3m).

Shell expects to pay over $500m (£400m) under the levy in 2023.

Chief executive Wael Sawan told investors: "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 $4bn share buyback programme for the next three months as part of our commitment to deliver attractive shareholder returns."

Shares rose by 3% at the open.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
Italy Faces Population Decline Amid Youth Emigration
Trump Accuses China of Violating Trade Agreement
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Russia Accuses Serbia of Supplying Arms to Ukraine
Gerry Adams Wins Libel Case Against BBC
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
EU Majority Demands Hungary Reverse Anti-LGBTQ+ Laws
Top Hotel Picks for 2025 Stays in Budapest Revealed
Iron Maiden Unveils 2025 Tour Setlist in Budapest
Chinese Film Week Opens in Budapest to Promote Cultural Exchange
Budapest Airport Launches Direct Flights to Shymkent
Von der Leyen Denies Urging EU Officials to Skip Budapest Pride
Alcaraz and Sinner Advance with Convincing Wins at Roland Garros
EU Ministers Lack Consensus on Sanctioning Hungary Over Rule of Law
EU Nations Urge Action Against Hungary's Pride Parade Ban
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
U.S. Considers Withdrawing Troops from Europe
Russia Deploys Motorbike Squads in Ukraine Conflict
Critics Accuse European Court of Human Rights of Overreach
Spain Proposes 100% Tax on Non-EU Holiday Home Purchases
German Intelligence Labels AfD as Far-Right Extremist
Geert Wilders Threatens Dutch Coalition Over Migration Policy
Hungary Faces Multiple Challenges Amid EU Tensions and Political Shifts
Denmark Increases Retirement Age to 70, Setting a European Precedent
Any trade deal with US must be based on respect not threats', says EU commissioner
UK Leads in Remote Work Adoption, Averaging 1.8 Days a Week
Thirteen Killed in Russian Attacks Across Ukraine
High-Profile Incidents and Political Developments Dominate Global News
Netanyahu Accuses Western Leaders of 'Emboldening Hamas'
Ukraine and Russia Conduct Largest Prisoner Exchange of the War
×