Companies

Shell profits beat estimates despite lower oil and gas prices

Company’s shares rose 2.4 per cent on Thursday morning

Shell’s adjusted net income was $9.65 billion in the first quarter, an increase of 5.7 per cent from $9.13 billion a year earlier. Picture: Getty

Shell maintained the pace of share buybacks as it reported another strong quarterly profit despite lower oil and gas prices.

The company will repurchase a further $4 billion of shares, the same amount as in the prior period. That contrasts with UK peer BP, which saw its share price drop more than 8 per cent earlier this week when it announced a smaller buyback of $1.75 billion. Shell shares rose 2.4 per cent on Thursday ...