UK Stocks

Shell profits soar to £7.1bn in Q1

Record quarter piles pressure on the government to issue a one-off levy to curb rising energy bills.

Shell plc reported on Thursday that its income attributable to shareholders in the first quarter of 2022 was $ (£7.1bn), up 25% from the same time the previous year.

Revenue at the oil giant increased by 51% year on year to $84.2bn, while diluted profits per share (EPS) increased by 29% to $0.93. The adjusted earnings were $9.1bn, while the adjusted EBITDA was $19bn.

CEO Ben van Beurden noted that the conflict in Ukraine created a “major disturbance to global energy markets,” emphasising the significance of guaranteeing a dependable and inexpensive energy supply.

“Generating value through strong earnings and cash flow, coupled with maintaining a healthy balance sheet and continuing the disciplined delivery of our strategy, are crucial for Shell to play a leading role in the energy transition,” he added, noting this is also “the best way for us to contribute to the security of energy supplies.”

Not Investment Advice Note: Views expressed are those of the writer. The author does not own any stocks mentioned. The article is information, not advice. Share prices can rise and fall. Past returns are not a guide to the future. Please do your own research.

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