Shell Q1 Results Down; Plans $3.5 Bln Share Buyback
Shell Plc reported a decline in Q1 profits, with income before taxation falling to $8.96 billion from $11.04 billion last year. The company announced a $3.5 billion share buyback program aimed at reducing issued share capital, expected to complete before the Q2 results on July 31. Revenues dropped to $69.23 billion from $72.48 billion, and adjusted earnings fell to $5.58 billion from $7.73 billion in the previous year.
British oil and gas major Shell Plc (SHEL, SHEL.L) reported Friday weak profit in its first quarter with charges and lower revenues.
Separately, the company announced a share buyback programme of $3.5 billion, with a view to reduce its issued share capital. Subject to market conditions, the programme will be completed prior to the company's second quarter results announcement, scheduled for July 31.
In the first quarter, income before taxation fell to $8.96 billion from last year's $11.04 billion.
Income attributable to Shell shareholders was $4.78 billion, down from prior year's $7.36 billion. Earnings per share were $0.79, lower than $1.13 a year ago.
The latest results included a charge of $0.5 billion related to the UK Energy Profits Levy and impairment charges.
Adjusted earnings were $5.58 billion, compared to $7.73 billion last year. Adjusted earnings per share were $0.92, compared to prior year's $1.20.
Adjusted EBITDA also declined to $15.25 billion from last year's $18.71 billion.
Revenues for the quarter fell to $69.23 billion from last year's $72.48 billion.
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