Shell’s first-quarter revenue rose 1% to $69.7bn. The biggest falls were in Integrated Gas, and Chemicals and Products with the biggest rise coming from Marketing.
Underlying net profit increased 24% to $6.9bn ($6.1bn expected). Its trading and optimisation activities contributed strongly, but improved refining margins, cost discipline and higher prices all played their part.
Free cash flow fell by $2.4bn to $2.9bn, with more cash tied up in operations. Over the same period, net debt increased from $41.5bn to $52.6bn.
In the second quarter, integrated gas production is expected to fall around 33% compared to the prior quarter, reflecting disruption in the Middle East. Annual capital expenditure guidance was increased by $4bn to $24-$26bn.
Shell announced a buyback of $3bn, down $0.5bn from the previous quarter. The quarterly dividend was raised 5% to $0.3906 per share.
The shares fell 2.1% in early trading.
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Shell key facts
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