Saudi Press

Saudi Arabia and the world
Tuesday, Feb 27, 2024

Shell hands £4.7bn to shareholders as quarterly profits beat forecasts

Shell hands £4.7bn to shareholders as quarterly profits beat forecasts

Strong fuel trading helps the company offset the impact of lower oil and gas prices over the first three months of the year, allowing it to match the rewards for shareholders handed out after the fourth quarter of 2022.

Shell has revealed it is handing a further $6bn (£4.7bn) to shareholders after its latest quarterly profits beat its own forecasts.

The oil and gas major reported net profits of $9.6bn (£7.6bn) for the first three months of the year.

The figure was slightly down on the sum achieved in the final quarter of 2022 but above the $9.1bn (£7.2bn) achieved in the same period a year earlier.

Its own estimate in advance of the first quarter earnings report had stood at $8bn (£6.3bn).

Shell said the performance reflected a cooling in oil and gas prices since the start of 2023 and higher taxes.

The headwinds, it reported, were partially offset by improved volumes and a better performance from fuel trading and its chemicals and products division.

Its rewards for shareholders - in dividends and share buy-backs - matched the amount handed back in the previous quarter.

Shell said the $4bn buyback programme was due to be completed by the end of the current second quarter.

The dividend of $0.2875 per share was the same as the amount paid for October-December.

While the profits made by the likes of Shell and BP, which revealed its figures earlier this week, are welcome for investors and pension funds alike, they have also prompted much debate over whether they should be paying more to the public purse through windfall taxes.


Shell said it took an accounting charge of $441m (£351m) relating to the Energy Profits Levy on its North Sea operations in the last quarter of 2022.

Its total liability for the last calendar year was $134m (£106.6m) - of which $57m (£45.3) was paid last year.

However, rebates meant the net charge stood at $8m (£6.3m).

Shell expects to pay over $500m (£400m) under the levy in 2023.

Chief executive Wael Sawan told investors: "In Q1 Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility, while continuing to provide vital supplies of secure energy.

"We will commence a $4bn share buyback programme for the next three months as part of our commitment to deliver attractive shareholder returns."

Shares rose by 3% at the open.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, has announced a partnership with the London Metal Exchange to set up metal storage and delivery centers in the country. Alkhorayef highlighted Saudi Arabia's expanding military industries sector, crediting the Public Investment Fund (PIF) as a key partner, during his speech at the second PIF Private Sector Forum in Riyadh
×