Shell's quarterly profit falls by a fifth, but beats expectations

British energy group Shell’s underlying profit fell by around a fifth year on year to 7.73 billion dollars (roughly CZK 181 billion) in the first quarter. The company said this today in its results report. However, profit exceeded analysts’ expectations of 6.46 billion dollars. Strong results in oil trading and higher refining margins contributed to the result.

Shell also announced that it will spend a further 3.5 billion dollars buying back its shares over the next three months. The company left its dividend unchanged.

„Shell reported another quarter of strong operational and financial performance. This demonstrates our continued efforts to deliver more value with lower emissions,“ said company chief Wael Sawan.

The company’s shares have risen by around 14 percent since the start of this year. Sawan’s efforts to cut costs and focus the company on its most profitable activities have helped drive the share price higher, Reuters reported.