Shell reports $9.6 billion profit despite low energy prices

Shell, a global energy giant, said that the company earned nearly USD 10 billion in the first quarter, despite sliding oil and natural gas prices.

Shell Plc reported adjusted earnings of USD 9.6 billion in the first three months of 2023, up 5.7% from a year ago.

As energy prices have eased since last year's Russian invasion of Ukraine, the company said it faced headwinds from higher taxes and lower oil and natural gas prices. These factors were offset by lower operating expenses and better trading results, Shell said.

Shell delivered strong results and robust operational performance in the first quarter despite ongoing volatility, said CEO Wael Sawan.

In addition to buying back USD 4 billion in shares, the company doubled its profits last year.

With BP reporting USD 5 billion in first-quarter earnings, Shell is the second UK energy company to post stronger-than-expected earnings this week.

Opposition politicians and campaign groups have called for oil and gas companies to help consumers burdened by soaring energy bills that have contributed to decades-high inflation because of the financial earnings.

Since Russia's invasion of Ukraine in February 2022, which sent energy prices soaring and curtailed some of Moscow's supplies to the world, oil and gas companies around the world have reported bumper earnings.