At the beginning of the year, the Shell oil company made billions of dollars in profits thanks to higher oil prices and despite cutbacks due to the withdrawal from the Russian business. The net sum was $7.1 billion (6.68 billion euros), Shell announced Thursday in London. That was a quarter more than a year ago, but it’s down more than a third from the last quarter of 2021.
However, due to the Russian invasion of Ukraine, the group decided to stop operations in Russia, which now required a write-off of $3.9 billion. At the beginning of April, the group reported a burden of 4-5 billion. Correcting for such special effects, the $9.1 billion result was significantly higher than the previous quarter and the same period last year and exceeded analysts’ average estimates.
Quarterly earnings are now expected to increase four percent to $0.25 per share. In addition, Shell is making progress with its $8.5 billion share buyback program: the remaining $4.5 billion must be spent by the time the second-quarter numbers are released.
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