The energy giant reports higher-than-expected earnings while reducing its share repurchase program by $1 billion.
Shell reported a $6.9 billion profit for the quarter, surpassing analyst expectations amid strong energy prices and operational performance. The result reflects improved refining margins and higher liquefied natural gas trading volumes, offsetting weaker oil production.
The company had previously guided for $5.5 billion to $6.5 billion in earnings, with consensus estimates near the lower end of that range. Last year’s comparable quarter saw profits of $5.5 billion, though prior-year figures included one-time charges.
Shell also announced a $1 billion reduction in its share buyback program, citing capital discipline and investment priorities. Shares remained steady in early trading as investors weighed the earnings beat against the trimmed repurchases.