Shell's Q1 report shows robust operational and financial performance, earning $7.7 billion

Shell plc, the British multinational oil and gas company, just released its quarterly earnings today for the Q1 of FY24.

The Q1 adjusted earnings were of $7.7 billion, reflecting a strong operational performance across the business.

Shell announced the commencing a $3.5 billion share buyback programme, which is expected to be completed by the second quarter.

The 2024 cash capex outlook of $22 - 25 billion remains unchanged.

CFFO of $13.3 billion for this quarter includes a working capital outflow of $2.8 billion, given higher crude and oil products prices towards the end of Q1. CFFO reflects tax payments of $2.6 billion. Net debt reduced by $3 billion over the quarter to $40.5 billion.

Shell plc Chief Executive Officer, Wael Sawan says,