Energy giant Shell delivered stronger-than-anticipated financial results for the first quarter, announcing Thursday that adjusted earnings reached $6.92 billion.
The quarterly performance exceeded Wall Street forecasts by a significant margin, with analysts having predicted earnings of $6.36 billion according to a company survey. The results also represented a substantial increase from the same period last year, when Shell reported $5.58 billion in adjusted earnings.
Despite the strong financial showing, Shell announced a reduction in its stock repurchase initiative, lowering the quarterly buyback program from $3.5 billion to $3 billion.
The energy company experienced a 4% decline in oil and gas production compared to the prior quarter, attributed to the ongoing U.S.-Israeli conflict with Iran. The hostilities caused damage to Shell’s Pearl gas facility in Qatar, with company officials estimating repairs could take approximately one year to complete.
Shell’s debt-to-equity ratio, including lease obligations, increased to 23.2% from 20.7% at the end of 2025. The company had previously indicated it expected higher debt levels while navigating price volatility and supply chain disruptions caused by the conflict, though it had previously expressed comfort with maintaining the ratio at 20%.
