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The UK-based firm said its adjusted earnings reached $5.58 billion in the first quarter, down compared to $7.73 billion in the comparable quarter last year.
Adjusted earnings rose 52 percent compared to $3.66 billion in the prior quarter.
Income attributable to Shell shareholders reached $4.78 billion, down compared to $7.35 billion in the first quarter of 2024 and a 415 percent increase compared to $928 million in the prior quarter.
Compared to the prior quarter, income attributable to Shell shareholders reflected lower exploration well write-offs, lower operating expenses, and higher products margins, Shell said.
Also, income attributable to Shell shareholders included a charge of $0.5 billion related to the UK energy profits levy and impairment charges.
Shell said these items are included in identified items amounting to a net loss of $0.8 billion in the quarter.
Cash flow from operating activities for the first quarter was $9.3 billion and was primarily driven by adjusted Ebitda, partly offset by tax payments of $2.9 billion and working capital outflows of $2.7 billion.
CEO Wael Sawan said Shell delivered “another solid set of results” in the first quarter of 2025.
“We further strengthened our leading LNG business by completing the acquisition of Pavilion Energy, and high-graded our portfolio with the completion of the Nigeria onshore and the Singapore rnergy and chemicals park divestments,” he said.
“Our strong performance and resilient balance sheet give us the confidence to commence another $3.5 billion of buybacks for the next three months, consistent with the strategic direction we set out at our capital markets day in March,” Sawan said.
The company sold 16.49 million tonnes of LNG in January-March, a drop from 16.87 million tonnes of LNG in the same period last year.
LNG sales rose 6 percent compared to 15.50 million tonnes in the prior quarter.
Shell sold 65.82 million tonnes of LNG in 2024, a 2 percent decrease from 67.09 million tonnes of LNG in 2023.
Moreover, liquefaction volumes of 6.60 million tonnes in the first quarter were 6 percent lower than in the prior quarter and down 12.9 percent compared to 7.58 million tonnes in the first quarter of 2024.
Shell said liquefaction volumes decreased by 6 percent compared to the prior quarter mainly due to unplanned maintenance and weather constraints in Australia.
More to follow..
The post Shell’s Q1 profit reaches $5.58 billion, LNG sales drop appeared first on Energy News Beat.
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