# FTSE 100 oil major recorded earnings of $6.9bn (£5bn), cruising past the consensus pencilled in by analysts.

*business · news · 2026-05-07 · City A.M.*

## Key points

- Shell began a $3bn share buyback after Q1 earnings exceeded analyst expectations by $500m.
- Shell's upstream segment earnings rose to $2.4bn despite a slight decline in oil production.
- Integrated gas production dropped 4% due to the PearlGTL shutdown following Iranian attacks in Qatar.
- Shell's $16.4bn acquisition of ARC Resources will boost gas production and reserves for decades.
- Shell raised its 2024 capital expenditure forecast to $24bn–$26bn, mainly due to the ARC deal.

**Companies:** Shell
**Countries:** United Kingdom, Qatar, Canada

[Read the full story on City A.M.](https://www.cityam.com/shell-launches-3bn-buyback-after-earnings-rocket-on-oil-surge/)

---

Canonical: https://newsio.io/n/a5973c1d-c45b-4300-ac3d-efe26eca6af3/ftse-100-oil-major-recorded-earnings-of-6-9bn-5bn-cruising-past-the-consensus-pe
Summarized by Newsio from City A.M.. https://newsio.io/how-it-works