London-based Shell Plc reported adjusted earnings of $9.6 billion in the first three months of 2023, up 5.7% from a year ago.
FILE - The Shell logo at a petrol station in London on Jan. 20, 2016. Energy giant Shell said Thursday, May 4, 2023, that it earned nearly $10 billion in the first quarter, becoming the latest fossil fuel company to post strong financial results despite sliding oil and gas prices.
The company said it faced headwinds from higher taxes and lower prices for selling oil and natural gas, as energy prices have eased after spiking followinglast year. Shell said those factors were offset by cutting operating expenses and better trading results. In the first quarter, “Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility,” CEO Wael Sawan said in a statement.last year, also will reward shareholders by buying back an additional $4 billion in shares.
Oil and gas companies around the world have been reporting bumper earnings in the wake of Russia’s invasion of Ukraine in February 2022, which sent
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