Shell plc announced on Thursday that its adjusted earnings stood above the estimates at $7.7 billion and adjusted EBITDA was $18.7 billion in the first quarter of fiscal 2024. The two figures slumped by 20% and 13% respectively year-over-year.
The oil giant's income attributable to shareholders in the reported quarter stood at $7.4 billion, falling by 15% compared to the same period a year earlier, while its revenue declined 17% year on year to reach $72.5 billion and diluted earnings per share (EPS) dipped 9% to $1.13.
"Shell delivered another quarter of strong operational and financial performance, demonstrating our continued focus on delivering more value with less emissions. We continue to deliver on our Capital Markets Day targets, giving us the confidence to commence another $3.5 billion buyback program for the next three months," CEO Wael Sawan stated.
