Shell ADRs fall as production drops and Iran deal hopes weigh on oil
Updated
Updated · Barron's · May 7
Shell ADRs fall as production drops and Iran deal hopes weigh on oil
8 articles · Updated · Barron's · May 7
In premarket trading, Shell's US-listed shares fell 1.9% after first-quarter adjusted earnings jumped to $6.92 billion from $3.26 billion, helped by a $1.93 billion chemicals and products profit.
Shell said oil and gas output fell 4% from the previous quarter because of the Iran conflict, while it raised its dividend 5% and announced up to $3 billion in share buybacks.
The stock underperformed Chevron and Exxon Mobil as oil prices slipped on speculation direct talks could resume over a US-Iran peace deal, reducing support for energy shares.
With war fueling record profits but crippling production, is Shell's growth strategy fundamentally flawed?
Shell's war profits spark tax debates. Could punishing success threaten future energy security?