Shell has revealed a dip in profits for the latest quarter as it pushed ahead with investment plans and shareholder returns despite a recent drop in oil prices.
The oil major told shareholders that adjusted earnings dropped by 27.9% to 5.58 billion US dollars (£4.19 billion) for the first quarter of 2025.
Nevertheless, it surpassed market expectations and was ahead of the previous quarter.
Bosses at the company highlighted that it came amid “volatile” market conditions which have pushed oil prices lower in recent months amid concerns about global economic growth.
The drop in profits also came as the company said it was impacted by a 509 million dollar (£382 million) charge related to the UK energy profits levy.
On Friday, Shell also continued its shareholder buyback and dividend plans.
In March, the company revealed a fresh strategy to ramp up cost savings, cut spending and boost investor returns.
It said it would look to strip out a cumulative five billion US dollars to seven billion US dollars (£3.9 billion to £5.4 billion) a year by the end of 2028.
Chief executive Wael Sawan said: “Shell delivered another solid set of results in the first quarter of 2025.
“We further strengthened our leading LNG (liquified natural gas) business by completing the acquisition of Pavilion Energy and high-graded our portfolio with the completion of the Nigeria onshore and the Singapore Energy and Chemicals Park divestments.
“Our strong performance and resilient balance sheet give us the confidence to commence another 3.5 billion dollars of buybacks for the next three months, consistent with the strategic direction we set out at our capital markets day in March.”
