2023-05-04 07:07:40
Shell had to deal with lower oil and gas prices in the first quarter of this year than last year. Nevertheless, the energy giant posted a profit of no less than 9.6 billion dollars (8.6 billion euros). An increase of 6 percent compared to a year earlier.
The fact that profits were higher in the first three months was due to Shell spending less money and better results in the trade of chemical products, among other things.
Last year Shell had a record profit of regarding 40 billion dollars. The company was then able to benefit from very high oil and gas prices. Nevertheless, Shell scored even better in the first quarter of this year than in the first three months of last year.
Many divisions performed better than last year. For example, Shell made more profit with its sustainable activities and also with liquefied natural gas (LNG). Oil, on the other hand, earned less due to lower prices.
The company also announced on Thursday that it will buy back its own shares for $4 billion. In this way, the completely British group has wanted to reward its shareholders since last year. Recently, Shell also bought more than 4 billion of its own shares.
Other energy giants, including ExxonMobil and BP, also posted strong profits last quarter. The high returns at the major oil companies are causing a great deal of social resistance.
Politicians and consumers are annoyed that companies earn a lot of money, while many households are struggling to pay their energy bills and spend a lot of money at the pump.
1683184292
#billion #profit #Shell #oil #gas #prices #Economy
