- 'Sleeper agent' bots on X fuel US election misinformation, study says
- Death toll rises to 109 after Haiti gang attack, official says
- Tigers beat Guardians and on brink of advancing in MLB playoffs
- Argentina MPs back Milei's veto of university funding
- Man City sink Barca in Women's Champions League as Bayern outgun Arsenal
- Greek international Baldock, 31, found dead in pool: state agency
- Florida seaside haven a ghost town as hurricane nears
- Pharrell Williams to co-chair Met Gala exploring Black dandyism
- Wall Street indices hit fresh records as Chinese shares tumble
- Taiwan's president to deliver key speech for National Day
- Sea row on the menu as ASEAN leaders meet China's Li
- Injured Kane won't start England's Nations League clash with Greece
- Discord seen as online home for renegades
- US forecasts severe solar storm starting Thursday
- Mozambique starts tallying votes in tense election
- Zelensky moves to court European leaders in drive for military aid
- Ratan Tata: Indian mogul who built a global powerhouse
- Rodgers rejects 'false' suggestions of role in Saleh dismissal
- One dead as storm Kirk tears through Spain, Portugal, France
- Indian business titan Ratan Tata dead at 86
- Lebanon facing 'catastrophic' situation as 600,000 displaced: UN
- US warns Israel not to repeat Gaza destruction in Lebanon
- Musk's X returns in Brazil after 40-day showdown with judge
- Call her savvy? Harris unleashes unconventional media blitz
- Lucian Freud 'masterpiece' fetches £13.9 million at London sale
- SoFi Stadium to hold next two CONCACAF Nations League finals
- McIlroy and DeChambeau set for PGA-LIV 'Showdown' in Vegas
- Fed minutes highlight divisions over rate cut decision
- Steve McQueen debuts new WWII film at London festival
- Run blitz edges India and South Africa closer to World Cup semi-finals
- Zelensky to court European leaders in drive for military aid
- Israel captain says 'difficult' to focus on football in time of war
- Macron to host Ukraine's Zelensky after meeting Ukrainian troops
- Root says 'many more to get' after England Test runs landmark
- India pile up World Cup high to rout Sri Lanka
- One year later, Israeli hostage family learns of loss
- Texans receiver Collins, Pats' safety Peppers out for NFL clash
- Biden-Netanyahu talk as Hezbollah, Israeli forces clash
- Musk's X available again in Brazil after 40-day ban
- Reddy stars as India crush Bangladesh to clinch T20 series
- Nobel winners hope protein work will spur 'incredible' breakthroughs
- What are proteins again? Nobel-winning chemistry explained
- Arch rivals Ghana, Nigeria drawn together in CHAN qualifying
- AI steps into science limelight with Nobel wins
- Trump lauds India's Modi as 'total killer'
- Wall Street, Europe rise as Chinese shares tumble
- Hunkering down for Hurricane Milton at Disney -- but first, a few rides
- Reddy, Rinku power India to 221-9 in second Bangladesh T20
- Overshooting 1.5C risks 'irreversible' climate impact: study
- Time running out in Florida to flee Hurricane Milton
Shell logs sliding profits as revenues sink
British energy major Shell on Thursday posted sharply lower first-quarter net profit on sinking revenues, but adjusted earnings topped expectations and it unveiled another bumper stock buyback.
Profit after taxation dropped about 15 percent to $7.4 billion in the first quarter from a year earlier, hit also by accounting charges, Shell said in a results statement.
Turnover slid 16 percent to $74.7 billion following a sharp drop in gas prices, which had spiked following key producer Russia's invasion of Ukraine in 2022.
Adjusted earnings sank almost a fifth to $7.7 billion in the reporting period but this beat market expectations, while cash flow from operating activities hit $13.3 billion.
The group unveiled a fresh $3.5-billion stock buyback and forecast capital expenditure this year would reach between $22 billion and $24 billion.
"Shell delivered another quarter of strong operational and financial performance," said chief executive Wael Sawn in the earnings release.
"We continue to deliver on our... targets, giving us the confidence to commence another $3.5-billion buyback programme for the next three months."
The news sent its share price 1.6 percent higher in early morning deals on the rising London stock market.
"Shell's produced yet another quarter of staggering cash flows," said Derren Nathan, head of equity research at stockbroker Hargreaves Lansdown.
"Higher margins and uptime at its refineries more than offset lower earnings in the upstream and integrated gas divisions.
"The strong cash generation is enabling Shell to reduce debt, reward shareholders and continue investing into the business."
Shell had already warned last month that it expected lower natural gas sales in the first quarter after a particularly strong performance in the final three months of 2023.
Y.Nakamura--AMWN