business / news / / City A.M.
FTSE 100 oil major recorded earnings of $6.9bn (£5bn), cruising past the consensus pencilled in by analysts.
Shell began a $3bn share buyback after Q1 earnings exceeded analyst expectations by $500m.
KEY POINTS
- 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
Summarized by Newsio from City A.M.. How we summarize →