Shell's Q1 Profit Up 43% As High Oil Prices Offset Russia Exit

Shell Plc 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

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