Shell profits hit by weaker crude oil prices – Daily Business

Energy giant Shell reported a sharp fall in first-quarter profit on the back of weaker crude oil prices.

Adjusted earnings came in at $5.58 billion for the first three months of the year, beating analyst expectations of $5.09 billion, but down from $7.73 billion over the same period last year.

The London-listed company announced another $3.5 billion share buyback programme, which it expects to complete over the next three months. It marks the 14th consecutive quarter of at least $3 billion in buybacks, the company said.

Shell CEO Wael Sawan described the earnings as “another solid set of results.”

“Our strong performance and resilient balance sheet give us the confidence to commence another $3.5 billion of buybacks for the next three months, consistent with the strategic direction we set out at our Capital Markets Day in March,” Sawan said in a statement.

Shell’s fall follows similar declines by BP and France’s TotalEnergies amid a weak outlook for oil markets.