Shell reported first quarter profit of US$ 7.7 billion, reflecting strong operational performance across the business. The company announced of repurchasing a further US$ 3.5 billion of its shares over the next three months, at a similar rate to the previous quarter. 2024 cash capex outlook unchanged: US$ 22 - 25 billion.

"Shell delivered another quarter of strong operational and financial performance, demonstrating our continued focus on delivering more value with less emissions. We continue to deliver on our Capital Markets Day targets, giving us the confidence to commence another US$ 3.5 billion buyback programme for the next three months," Wael Sawan, Chief Executive Officer, Shell plc.

The company’s cashflow rose by 6% from the previous quarter to $13.3 billion reflecting strong operational performance.

Shell's chemicals and products divisions, which include refining and oil trading, registered a more than threefold rise in adjusted earnings from the previous quarter to $2.8 billion. “Higher refining margins in Q1 2024 driven by higher utilisation and global supply disruptions. Chemicals losses reduced due to improved margin environment and utilisation. Trading and optimisation significantly higher than in Q4 2023,” the company said in a statement.

The company’s adjusted earnings from renewable and energy solutions is in line with Q4 2023, driven by lower trading and optimisation margins, offset by lower opex. “Renewable generation capacity in operation increased as CrossWind, an offshore wind project in the Netherlands, and Madison Fields, a solar project in the USA, reached commercial operation,” it said.

However, adjusted earnings from gas were lower than in Q4 2023, due to lower LNG trading and optimisation results partially offset by higher volumes, mainly driven by Prelude. Trading and optimisation results were strong, but significantly lower compared to an exceptional Q4 2023.