Shell's income up 25% to $7.1B in Q1

Thursday, 05. May 2022 08:06

Shell plc said on Thursday that its income attributable to shareholders in the first quarter of 2022 stood at $7.1 billion, surging 25% compared to the same period a year earlier.

The oil giant's revenue soared 51% year on year to reach $84.2 billion and diluted earnings per share (EPS) climbed 29% to $0.93. Adjusted earnings stood at $9.1 billion and adjusted EBITDA was $19 billion.

CEO Ben van Beurden stated the war in Ukraine caused a "significant disruption to global energy markets" and stressed the importance of securing reliable and affordable energy supplies. "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."

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Author:
Baha Breaking News (BBN) / NP