Shell reported better-than-expected first-quarter profit and maintained its share buyback pace, despite earnings falling over 25% from a year earlier, according to CNBC. The oil major posted $5.58 billion in adjusted Q1 earnings, surpassing analyst expectations of $5.09 billion. Investor concern over Big Oil’s shareholder returns has intensified as profits decline from 2022’s record highs. Weakened demand, lower crude prices, and Trump’s shifting trade policy have further shaken confidence. Shell announced a $3.5 billion share buyback to be completed in three months, marking its 14th quarter of buybacks exceeding \$3 billion.
Category
🗞
NewsTranscript
00:00It's Benzinga bringing Wall Street to Main Street.
00:02Shell reported better than expected first quarter profit in maintaining its share buyback pace,
00:06despite earnings falling over 25% from a year earlier, according to CNBC.
00:11The oil major posted $5.58 billion in adjusted Q1 earnings,
00:14surpassing Alex's expectations of $5.09 billion.
00:18That's their concern over big oil shareholder returns
00:20has intensified as profits declined for 2022's record highs.
00:24Weakened demand, lower crude prices,
00:25and Trump's shifting trade policy have fairly shaken confidence.
00:28Shell announced a $3.5 billion share buyback to be completed in three months,
00:33marking its 14th straight quarter of buybacks exceeding $3 billion.
00:37For all things money, visit Benzinga.com slash GSTV.