business / news / / The Mirror
Profits at Shell have surged by £1billion year-on-year as it benefited from what boss Wael Sawan called "unprecedented disruption in global energy markets" The industry heavyweight was among producers to benefit from a surge in wholesale oil and gas prices.
Shell reported £5.1 billion profit in Q1, up £1 billion year-on-year despite 4% lower output.
KEY POINTS
- Shell's Qatari gas plant was damaged due to the US-Israeli war on Iran, repairs may take a year.
- Shell announced a 5% dividend increase and a £2.2 billion share buyback program for investors.
- Shell's CEO Wael Sawan's holdings increased by £1.7 million due to share awards during the conflict.
- Oil prices are still about 40% higher than before the Iran conflict started in late February.
COMPANIES
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