Britain-based oil company Shell on Thursday reported that its first-quarter income before tax fell to $11.04 billion from last year's $14.35 billion.
Income attributable to shareholders declined to $7.36 billion from last year's $8.71 billion. Earnings per share were $1.13, down from $1.25 a year ago.
Adjusted Earnings per share were $1.20, compared to $1.39 in the prior year. Analysts on average expected the company to report earnings of $1.86 per share. Analysts' estimates typically exclude special items.
Adjusted EBITDA was $18.71 billion, lower than prior year's $21.43 billion.
Total revenue and other income also declined to $74.70 billion from prior year's $89.02 billion.
Looking ahead for the second quarter, Integrated Gas production is expected to be approximately 920 - 980 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.8 - 7.4 million tonnes.
Upstream production is expected to be around 1,630 - 1,830 thousand boe/d. Production outlook reflects the scheduled maintenance across the portfolio.
Marketing sales volumes are expected to be approximately 2,700 - 3,200 thousand b/d.
Cash capital expenditure for full year 2024 is expected to be within $22 billion to $25 billion.
Shell also announced the commencement of a $3.5 billion of share repurchase drive covering a total contract term of around three months.
All shares repurchased as will be cancelled as the purpose of the drive is to reduce the issued share capital of the company.