Shell Q1 Profit, Revenues Down

(RTTNews) - Shell Plc (SHEL), a British oil and gas major, on Thursday reported that its first-quarter income before tax fell to $11.04 billion from last year's $14.35 billion.

Income attributable to shareholders declined to $7.36 billion from last year's $8.71 billion. Earnings per share were $1.13, down from $1.25 a year ago.

Adjusted Earnings per share were $1.20, compared to $1.39 in the prior year. Analysts on average expected the company to report earnings of $1.86 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Adjusted EBITDA was $18.71 billion, lower than prior year's $21.43 billion.

Total revenue and other income also declined to $74.70 billion from prior year's $89.02 billion.

Looking ahead for the second quarter, Integrated Gas production is expected to be approximately 920 - 980 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.8 - 7.4 million tonnes.

Upstream production is expected to be around 1,630 - 1,830 thousand boe/d. Production outlook reflects the scheduled maintenance across the portfolio.

Marketing sales volumes are expected to be approximately 2,700 - 3,200 thousand b/d.

Cash capital expenditure for full year 2024 is expected to be within $22 billion to $25 billion.

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