Shell warns of lower Q2 production and cuts buyback to $3 billion
Updated
Updated · The Wall Street Journal · May 7
Shell warns of lower Q2 production and cuts buyback to $3 billion
20 articles · Updated · The Wall Street Journal · May 7
First-quarter adjusted earnings more than doubled to $6.915 billion, beating the $6.36 billion analyst forecast, while integrated gas output is projected at 580,000-640,000 boe a day.
Shell said upstream production should slip to 1.62 million-1.82 million boe a day in the second quarter, from 1.84 million in the first quarter, because of Middle East conflict.
The buyback is down from $3.5 billion in recent quarters, even as higher oil prices and trading gains lifted quarterly profit amid wider disruption to global energy markets.
As war profits hit a record $6.9 billion, why is Shell cutting back on rewarding its shareholders?
A US-Iran deal could crash oil prices. Is Shell's multi-billion dollar profit boom about to end?
As Shell reaps billions from war, will governments impose windfall taxes to ease public pain?