SHEL - Shell Q1: Earnings Power Shines Despite Revenue Headwinds | Benzinga
Shell plc (NYSE:SHEL) shares are trading higher after its first-quarter FY24 results.
Revenue of $72.48 billion missed the consensus of $82.04 billion. Total production at Integrated Gas rose 10% Q/Q to 992 kboe/d, and Upstream remained flat on quarter at 1,872 kboe/d.
Related: Shell’s LNG Trading Update Reveals Surprising Shifts: Details
Meanwhile, sales volumes at Marketing fell to 2,763 thousand b/d from 2,997 thousand b/d the previous quarter, and Refinery processing intake at Chemical & Products rose 9% Q/Q to 1,430 Refinery kb/d.
Adjusted earnings increased 6% Q/Q to $7.73 billion and Adj. EBITDA rose 15% Q/Q to $18.71 billion, reflecting lower operating expenses, higher margins from crude and oil products trading and optimisation, and growth ...