Shell Q1 Profit Climbs, Production Down; Begins $3 Bln Buyback; Stock Down

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(RTTNews) - Oil and gas major Shell Plc reported Thursday higher profit and adjusted EBITDA in its first quarter, while revenues and other income edged down amid weak production. Separately, Shell announced the commencement of a $3.0 billion share buyback programme.

In London, the shares were losing around 2.8 percent, to trade at 3,121.00 pence.

In pre-market activity on the NYSE, Shell shares were down 1.7 percent to trade at $85.72 after closing Wednesday's regular trading 2.8 percent lower.

Looking ahead for the second quarter, Integrated Gas production is expected to be approximately 580 - 640 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.8 - 7.4 million tonnes. The outlook reflects impact of Middle East conflict including Qatar and higher planned maintenance across the portfolio.

The company projects Upstream production to be approximately 1,620 - 1,820 thousand boe/d, reflecting higher planned maintenance across the portfolio.

Marketing sales volumes are expected to be approximately 2,500 - 2,700 thousand b/d.

Regarding the buyback, Shell said the $3.0 billion share buyback programme covers an aggregate contract term of approximately three months. Subject to market conditions, the programme will be completed prior to the company's second results announcement. The aggregate maximum consideration for the purchase of ordinary shares under the London contract is $3.0 billion.

In the first quarter, the company's income attributable to shareholders came in at $5.694 billion or $1.00 per share, higher than $4.780 billion or $0.79 per share last year.

Adjusted earnings were $6.915 billion or $1.22 per share for the period, compared to $5.577 billion or $0.92 per share a year ago.

Adjusted EBITDA increased to $17.741 billion from $15.250 billion last year.

Total revenue and other income edged down to $70.133 billion from $70.152 billion a year ago.

The company's revenue for the period rose 0.7 percent to $69.691 billion from $69.234 billion last year.

Oil and gas production available for sale was 2.752 million boe/d, down from 2.838 million boe/d in the prior year.

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