Shell on Thursday posted first-quarter net profit of $9.65 billion, topping analysts' forecasts, as strong earnings from fuel trading and higher liquefied natural gas (LNG) sales offset cooling energy prices.
Lower natural gas prices in the quarter weighed on Shell's giant integrated gas business, with profits slumping 18% to $4.9 billion. But this was broadly offset by a 139% jump in profits to $1.8 billion in its chemicals and refined products unit.Shell, the world's top LNG trader, said LNG production rose in the quarter thanks to higher uptime at its Prelude floating facility off the coast of Australia.
"In Q1, Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility," Chief Executive Officer Wael Sawan said in a statement.Shell logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/IllustrationShell reported adjusted earnings of $9.65 billion in the first quarter, exceeding a company-provided analyst forecast of $8 billion. The company's shares rose 2.
Shell showed "strong operational performance in the quarter across all divisions with oil and gas trading playing a key role," Jefferies analyst Giacomo Romeo said in a note.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Shell posts $10 bln profit, lifted by fuel tradingShell on Thursday posted first-quarter net profit of $9.65 billion, topping analysts' forecasts, as strong earnings from fuel trading and higher liquefied natural gas (LNG) sales offset cooling energy prices.
Baca lebih lajut »
Shop the Best Silicone-Free Conditioners for All Hair Types & Budgets - E! OnlineHydrate, protect and grow your tresses with these conditioners starting at $10.
Baca lebih lajut »
New Jersey Gov. Phil Murphy proposes additional $10 million in funding for firefighter grant programNew Jersey Gov. Phil Murphy has proposed an additional $10 million in funding for the firefighter grant program.
Baca lebih lajut »
Carl Icahn's fortune slumped $10 billion on short seller allegationsActivist investor Carl Icahn's wealth plunged by $10 billion after a short-seller accused his company of running a 'Ponzi-like' structure
Baca lebih lajut »
Secret Sales raises $10 million Series B from Asos and Boohoo investorEarly Asos and Boohoo investor leads $10 million round in discount fashion marketplace startup Secret Sales
Baca lebih lajut »
Bitget pledges $10M for Blockchain4Youth corporate responsibility projectThe first part of the program involves campus lectures on Web3 held in universities across Taiwan, Vietnam and Thailand.
Baca lebih lajut »