Shell boosts shareholder returns after better than expected earnings

Oil giant Shell has unveiled further returns for shareholders as earnings fell by less than feared at the start of 2024.

The group reported underlying earnings of 7.7 billion US dollars (£6.1 billion) for the first three months of 2024, down from 9.6 billion US dollars (£7.7 billion) a year earlier.

But the result was better than expected and 6% higher than earnings in the previous quarter.

The FTSE 100 firm announced another 3.5 billion US dollars (£2.8 billion) in share buybacks on top of the 3.5 billion US dollars (£2.8 billion) completed in the final three months of 2023.

Chief executive Wael Sawan said: “Shell delivered another quarter of strong operational and financial performance, demonstrating our continued focus on delivering more value with less emissions.

“We continue to deliver on our Capital Markets Day targets, giving us the confidence to commence another 3.5 billion US dollar buyback programme for the next three months.”