London. British oil company Shell on Thursday reported a profit of $7.7 billion in the first quarter, far exceeding expectations following disruptions in the Red Sea and Russia, which affected oil refining and trading.
Analysts expected first-quarter adjusted profits of $6.46 billion, up from $9.65 billion a year earlier.
“Shell delivered another quarter of strong operational and financial results, demonstrating that we continue to focus on delivering more value with fewer emissions,” its CEO, Wael Sawan, said in a statement.
Shell’s chemicals and products divisions, which include oil refining and trading, saw adjusted profits more than triple from the previous quarter to $2.8 billion.
Trade in refined oil products has been boosted by shipping disruptions in the Red Sea, as well as disruptions to Russian refineries due to Ukrainian drone strikes in recent months, CFO Sinead Gorman said.
Exxon Mobil, Chevron and TotalEnergies last week reported a drop in profits from a year ago, reflecting a sharp decline in natural gas prices.
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– 2024-05-03 06:10:03
