ISTANBUL
Oil giant Shell on Friday reported stronger-than-expected profits in the first quarter and continued its share repurchase program, even though earnings fell 28%.
Shell’s net profits hit $5.58 billion, exceeding market expectations, despite falling 28% year-on-year, according to a company statement.
Market expectations were that Shell’s profit for this period would be about $4.96 billion.
Lower depreciation and lower costs offset Shell’s first quarter earnings.
The company also announced that it will buy back an additional $3.5 billion of shares for the next three months despite falling oil prices.
“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,” CEO Wael Sawan said.
With that, the company will make at least $3 billion of share purchases for 14 consecutive quarters.
“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.