- Shell Plc (NYSE:SHEL) reported a record Q1 profit of $9.13 billion, up 43%, boosted by higher oil and gas prices, stellar refining profits, and the strong performance of its trading division.
- The company reported the highest quarterly profit since 2008, even after writing down $3.9 billion post-tax due to its decision to exit operations in Russia.
- Shell is also winding down oil and gas trading with Russia.
- Shell, in early April, said it planned to take accounting charges of between $4 billion and $5 billion as a result of exiting Russia.
- Dividend: The company also announced plans to increase its dividend by around 4% to $0.25 per share for Q1.
- Shell's adjusted earnings from refining and marketing oil products increased to $1.17 billion from a loss of $130 million in the previous quarter and a profit of $781 million last year despite volumes falling to around 1.6 million BPD from 1.9 million.
- Shell's quarterly cash flow of $14.815 billion helped cut its debt burden to $48.5 billion from $52.6 billion in 2021.
- Price Action: SHEL shares are up 0.42% at $57.21 during the premarket session on the last check Thursday.
- Photo via wikimedia Commons
