The British oil giant Shell published Thursday a net profit group share up 26% in the first quarter, to 7.1 billion dollars, thanks to the surge in hydrocarbon prices.
Its turnover increased by 51% in the first quarter, climbing to 84.2 billion dollars.
The result, however, suffered from an after-tax charge of 3.9 billion dollars linked to the gradual withdrawal of oil and gas activities in Russia, much lower, however, than that incurred by its rival BP.
The latter recorded a historic net loss of 20.4 billion dollars in the first quarter, even if, excluding this charge linked to the exit of a share of almost 20% in the Russian oil giant Rosneft following the Russian invasion of Ukraine, it made a record quarterly profit since the financial crisis.
“The war in Ukraine (…) has caused major disruptions in global markets and has shown that secure, reliable and affordable energy cannot be taken for granted,” chief executive Ben van Beurden said on Thursday. a statement.
“Generating value through strong results and maintaining a healthy balance sheet, while continuing to discipline our strategy, is crucial for Shell to play a key role in the ‘climate transition’ and contribute to the security of energy resources. “, he added.
The chief executive put forward an $8.5 billion share buyback program and debt reduction to $48.5 billion, from $52.6 billion at the end of 2021.
– Withdrawal from Russia –
At the beginning of April, Shell had warned that its withdrawal from activities in Russia, in the wake of the Russian invasion of Ukraine, would lead to 4 to 5 billion dollars in impairments and charges in its first quarter results.
A month earlier, the group had explained that it would gradually stop all spot purchases on the Russian crude oil market and close its service stations, as well as its aviation fuel and lubricants activities in Russia.
The group had already announced at the end of February that it was going to part with its shares in several projects with the Russian gas giant Gazprom, assets valued at 3 billion dollars at the end of 2021.
The government of the United Kingdom, less dependent on Russian hydrocarbons than other European countries, had for its part announced that it wanted to cease its imports of Russian oil by the end of the year. He also wants to put an end to gas ones.
The quarterly profits of Shell and BP, which had cashed in profits in 2021, thanks to the economic recovery and the surge in the price of hydrocarbons, revive calls for an exceptional tax on the oil giants to help low-income households pay their energy bills.
by / is