Starts 3.5 bln usd share buyback (Il Sole 24 Ore Radiocor) - London, 02 May - Anglo-Dutch energy group Shell said its first quarter adjusted earnings came in at 7.7 billion dollars from 7.3 billion in the fourth quarter reflecting strong operational performance across the business.

In the first quarter a year ago, adjusted earnings were 8.709 billion dollars.

In Integrated Gas, adjusted earnings fell to 3.7 billion dollars from 4.0 billion in the fourth quarter reflecting lower LNG trading and optimisation results partially offset by higher volumes. In upstream they fell to 1.9 billion dollars from 3.1 billion in the prior three months reflecting increased well write-offs, mainly in Albania. In Chemicals, they jumped to 1.6 billion dollars from 0.3 billion reflecting higher refining margins driven by higher utilisation and global supply disruptions.

Cash flow from operations (CFFO) was 13.3 billion dollars from 12.575 billion in the earlier quarter and includes a working capital outflow of 2.8 billion dollars. A year ago, CFFO was 14.159 billion dollars.

Shell said it would begin a 3.5 billion dollar share buyback that it expects to complete by the second quarter 2024 results announcement and said it would pay a first dividend of 0.344 dollars, up 20% from a year ago.

Revenue in the quarter totaled 72.478 billion dollars from 78.732 billion in the fourth quarter and 86.959 billion a year ago.

AAA-Sch

(RADIOCOR) 02-05-24 08:35:19 (0149) 5 NNNN