Shell’s quarterly profit reaches $9.13 billion, LNG sales climb

Energy giant Shell reported a jump in its adjusted earnings in the first quarter on the back of strong oil and gas prices, while its LNG sales rose when compared to the same period last year.

The firm said its adjusted earnings reached $9.13 billion in the quarter. This compares to $3.23 billion in the year before and $6.39 billion in the prior quarter.

Income attributable to Shell shareholders was $7.11 billion, compared with $5.66 billion last year, and included post-tax charges of $3.9 billion related to the phased withdrawal from Russian oil and gas activities, Shell said.

“The war in Ukraine is first and foremost a human tragedy, but it has also caused significant disruption to global energy markets and has shown that secure, reliable and affordable energy simply cannot be taken for granted,” Shell’s CEO Ben van Beurden, said.

“Today’s results, the progress we are making with our $8.5 billion share buyback program and the reduction of our net debt to $48.5 billion all show we remain on track, and give us the confidence to plan future shareholder distributions and disciplined investments that will accelerate our strategy,” he said.

LNG sales rise

Shell sold 18.29 million tonnes of LNG in the January-March period, compared to 16.38 million tonnes in the same period last year, and 16.72 million tonnes in the prior quarter.

Liquefaction volumes dropped year-on-year from 8.16 million tonnes to 8 million tonnes but they rose compared to the previous quarter of 7.94 million tonnes.

Shell expects liquefaction volumes to be about 7.4 – 8 million tonnes in the second quarter.

The outlook for the second quarter reflects the derecognition of Sakhalin-related volumes, a reduction of 0.8 million tonnes in liquefaction volumes compared with the first quarter, Shell said.

As previously announced, Shell’s Integrated Gas segment reported a rise in earnings.

The segment earned $3.07 billion, compared to $2.45 billion in the same period a year ago.

Adjusted earnings reached $4.09 billion, up from the previous quarter of $4.03 billion and from $1.57 billion in the same period last year.

- Advertisements -

Most Popular

Dynagas takes delivery of new LNG carrier

Greek LNG shipping firm Dynagas has taken delivery of the 200,000-cbm LNG carrier, Clean Destiny, in South Korea. The firm...

Construction progress continues on Golden Pass LNG export plant

Energy giants QatarEnergy and ExxonMobil released the latest construction update for their Golden Pass liquefied natural gas (LNG) export...

India’s GAIL seeks $1.81 billion from SEFE in LNG supply dispute

India’s largest gas utility GAIL has launched an arbitration process in the hope of securing up to $1.81 billion...

More News Like This

Shell hits gas offshore Egypt

LNG giant Shell has discovered natural gas in Egypt's North East El-Amriya block, located in the Mediterranean Sea. Shell's unit...

Shell, BP wrap up Browse stake sale

A unit of LNG giant Shell has completed its previously announced deal with BP to sell a 27 percent...

Seapeak, Shell extend LNG carrier charter deal

Seapeak, previously known as Teekay LNG Partners, has extended a charter deal for one of its vessels with a...

Shell: Prelude FLNG maintenance extended due to additional work

Shell's huge Prelude floating LNG producer offshore Western Australia is still undergoing maintenance as Shell identified additional scopes of...