Shell Beats Q1 Estimates with $7.7B Profit, $3.5B Buyback, EPS $1.20

May 2, 2024, 06:30 AM

Shell reported a robust first-quarter performance, surpassing analyst expectations with adjusted earnings of $7.7 billion, compared to estimates of $6.25 billion, and an adjusted EPS of $1.20. The oil giant also announced a $3.5 billion share buyback program and a reduction in debt. Despite weaker gas prices, strong oil trading and higher refining margins contributed to the earnings beat. Shell's oil and gas production reached 2.91 million barrels of oil equivalent per day, slightly above the forecast of 2.86 million.