Oil Giant Shell Reports Profits Higher Than Expected
(MENAFN) Energy conglomerate Shell posted first-quarter earnings that surpassed analysts’ predictions, continuing its commitment to shareholder returns, even though its net income declined by 28 percent.
Based on an official company release, Shell recorded net earnings of USD5.58 billion, which came in higher than the forecasted USD4.96 billion.
Despite the year-over-year decline, Shell managed to soften the impact of reduced earnings through diminished depreciation expenses and overall cost reductions.
These financial efficiencies helped the firm maintain better-than-expected performance.
In line with its capital return strategy, the oil and gas major revealed plans to repurchase an additional USD3.5 billion in shares over the next three months.
This move persists even as global crude prices face downward pressure.
"Our strong performance and resilient balance sheet give us the confidence to commence another $3.5 billion of buybacks for the next three months, consistent with the strategic direction we set out at our Capital Markets Day in March," said CEO Wael Sawan.
With this move, Shell is on track to execute at least USD3 billion in share repurchases for 14 straight quarters, underscoring its long-term dedication to rewarding investors.
"Shell delivered another solid set of results in the first quarter of 2025.
We further strengthened our leading LNG business by completing the acquisition of Pavilion Energy, and high-graded our portfolio with the completion of the Nigeria onshore and the Singapore Energy and Chemicals Park divestments," Sawan added, highlighting recent strategic maneuvers that support Shell's global positioning.
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