Overview
- Shell, which reported results Thursday, posted adjusted profit of $6.92 billion, raised the dividend 5% and set $3 billion in share buybacks after previously running at $3.5 billion.
- The company said higher crude prices and extreme volatility powered exceptional trading, with its chemicals and products unit earning $1.93 billion as disrupted flows through the Strait of Hormuz swung markets.
- Output fell about 4% from the prior quarter after attacks damaged the Pearl gas-to-liquids plant and other Qatar LNG sites, and Shell said repairs to the affected Pearl unit could take about a year.
- Net debt rose to $52.6 billion from $45.7 billion at year-end as working-capital swings tied to price spikes tightened cash, and shares slipped about 2% as oil eased back toward $100 on peace-talk hopes.
- Campaigners renewed calls for broader windfall taxes, noting the UK’s current levy mostly targets North Sea profits while households face higher fuel and energy bills linked to the conflict-driven price surge.