At the start of the year, the Shell oil company made billions in profit thanks to high oil prices and despite write-downs due to the withdrawal from the Russian business. The bottom line was 7.1 billion US dollars (6.68 billion euros), as Shell announced in London. That’s a quarter more than a year ago, but more than a third less than in the final quarter of 2021. However, due to Russia’s invasion of Ukraine, the group decided to cease operations in Russia, which now requires write-downs of $3.9 billion became. At the beginning of April, the group had spoken of a burden of four to five billion dollars. Adjusted for such special effects, the result of 9.1 billion dollars increased significantly compared to the previous quarter and the same period last year and exceeded the average analyst estimate. The quarterly dividend is now expected to increase by four percent to $0.25 per share. In addition, Shell is making progress with the $8.5 billion share buyback program: The remaining $4.5 billion should be spent by the time the figures for the second quarter are presented.
High oil prices – Shell makes billions in profit – economy
