Shell said Thursday that earnings fell on quarter for the first quarter of 2023 but beat market expectations, and declared a $4 billion share buyback program.
The oil-and-gas giant generated adjusted earnings of $9.65 billion in the three months through the end of March, beating the market consensus of $7.965 billion, taken from Vara Research and averaged from 28 analysts’ estimates. This was slightly down from $9.81 billion in the fourth quarter of 2022 but exceeds the $9.13 billion reported in the first quarter of 2022.
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