Shell announces profits boost for first quarter

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Shell has registered a stronger than expected profit of $9.6 billion (€78.6 billion) for the first three months of 2023.
The oil and gas giant was higher than the same period last year despite a fall in energy prices.
Fossil fuel firms have been reaping record profits due to a surge in oil and gas prices following Russia's invasion of Ukraine last year. However, they have since fallen from the post-invasion peaks.
Shell chief executive Wael Sawan said the company had delivered “strong results and robust operational performance, against a backdrop of ongoing volatility”.
The company also said it would be returning $4 billion (€3.6billion) to shareholders, by buying back some its shares over the next three months.
Despite the fall in oil prices in recent months, Shell said its profits had been boosted by strong trading in its chemicals and refined products business.
bp had also reported strong earnings for the first three months of the year - although they were lower than in the same period in 2022.
While the jump in oil and gas prices following the start of the war in Ukraine led to big profits for energy companies, it also fuelled a rise in energy bills for households and businesses.

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