British oil and gas company Shell reported profits of $8.7 billion in the first three months of the year. This is slightly less than it was at the end of last year, in part because gas and oil prices were less favorable and taxes were higher. But compared to the same period last year, net income increased by more than $1.5 billion.
Shareholders benefit greatly from the oil and gas group’s $1 billion profit. Shell announced that it would buy back $4 billion worth of its shares in the second quarter, making the remaining shares even more valuable. In the first half of this year, Shell will reward its shareholders in this way with a total amount of about 12 billion US dollars.
price increase
Like competitors, Shell benefited greatly last year from a sharp rise in gas and oil prices as a result of Russia’s invasion of Ukraine, giving the company record profits for the full year of 2022.
Increased gas production
Shell’s profits were much higher than analysts expected. Earlier this year, the British company announced that the results of its gas division remained stable at the beginning of the year, although gas prices were well below the record levels recorded in 2022. The division recorded the second highest profit ever. This was because Shell was able to produce more gas. At the same time, Shell did a good job trading gasoline, diesel and chemicals, for example, which partially offset lower prices for fossil fuels.
This week, BP did indeed report that it posted a slightly lower profit due to lower prices, but the result was still very high. As a result, calls for higher taxes on UK oil and gas companies broke out again.
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