Shell recorded a net profit of 7.4 billion dollars (about 6.91 billion euros) in the first quarter of the yearwhich represents a 15% drop compared to the same period of the previous year, the company reported.
The Billing of the Anglo-British oil giant rose to $74.7 billion in the first three months of 2024 (about 69,772 million euros), 16% less.
The results of the group in the period from January to March were weighed down by the fall in income from its upstream business‘ (exploration and production), which They decreased by 18%.
Shell figures
Likewise, the profit for the period included exceptional accounting items related to the value of commodity derivatives or the impact of exchange rates. Natural gas prices fell 26% compared to the historical highs reached a year ago due to the war in Ukraine.
Besides, The oil company announced a share buyback program worth of 3.5 billion dollars (about 3,270 million euros) which is expected to be completed throughout this first semester.
The CEO of Shell, Wael Sawan, He highlighted that the company achieved “another quarter of solid operational and financial performance.” “We continue to meet our Capital Markets Day targets, giving us the confidence to begin another $3.5 billion buyback program over the next three months,” he said.
