British oil giant Shell on Thursday reported stronger-than-expected first-quarter profit, boosted by higher refining margins and robust oil trading.
Shell reported adjusted earnings of $7.7 billion for the first three months of the year, beating analyst expectations of $6.5 billion, according to an LSEG-compiled consensus.
Shell announced a $3.5 billion share buyback program, which it expects to complete over the next three months. Its dividend remains unchanged. Shell CEO Wael Sawan described the results as "another quarter of strong operational and financial performance."
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