Shell PLC (LSE:SHEL, NYSE:SHEL) has unveiled record quarterly profits, with soaring oil prices leading to US$9.1bn of earnings for the three-month period.
First-quarter earnings almost trebled year-on-year and were up 50% on the prior quarter. Cash flow from operations amounted to US$14.81bn and free cash flow was reported at US$10.5bn.
Shareholder returns remain high, with Shell’s first-quarter dividend nudged 4% higher to 0.25 cents per share and an US$8.5bn share buy-back continuing in the first half. Meanwhile, net debt was reduced by around US$4bn to US$48.5bn.
“Today's results, the progress we are making with our US$8.5bn share buyback programme and the reduction of our net debt to US$48.5bn all show we remain on track, and give us the confidence to plan future shareholder distributions and disciplined investments that will accelerate our strategy," said chief executive Ben van Beurden.
He added: “Generating value through strong earnings and cash flow, coupled with maintaining a healthy balance sheet and continuing the disciplined delivery of our strategy, are crucial for Shell to play a leading role in the energy transition.
“This allows us to support our customers as they shift to cleaner energy. It's also the best way for us to contribute to the security of energy supplies.”
Shell reported US$3.9bn of post-tax charges relating to Russia.