Overview
- Shell, which reported Thursday, posted adjusted earnings of $6.92 billion, topping the $6.1 billion analyst consensus.
- The company set a $3 billion share buyback for the next three months, down from $3.5 billion, and raised its dividend 5% to $0.3906 per share.
- Damage that shut the PearlGTL plant in Qatar cut gas output and is expected to weigh on second-quarter volumes, with repairs estimated to take about a year.
- War disruptions that choked the Strait of Hormuz drove oil above $100 a barrel in March and boosted Shell’s trading and refining, as the chemicals and products unit’s underlying earnings jumped to $1.93 billion while net debt rose to $52.6 billion.
- Consumer groups condemned the profit jump as households face higher fuel and energy costs, renewing calls for stronger windfall taxes and faster investment in clean energy.