LONDON (AP) – Global energy giant Shell said yesterday it earned nearly USD10 billion in the first quarter, becoming the latest fossil fuel company to post strong financial results despite sliding oil and natural gas prices.
London-based Shell Plc reported adjusted earnings of USD9.6 billion in the first three months of 2023, up 5.7 per cent from a year ago.
The company said it faced headwinds from higher taxes and lower prices for selling oil and natural gas, as energy prices have eased after spiking following the situation in Ukraine last year. Shell said those factors were offset by cutting operating expenses and better trading results.
In the first quarter, “Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility,” CEO Wael Sawan said in a statement.
The company, whose annual profits doubled to a record high last year, also will reward shareholders by buying back an additional USD4 billion in shares.
Shell is the second United Kingdom energy company this week to post stronger-than-expected earnings, with rival BP reporting that it earned USD5 billion in the first quarter.
