Shell’s profit beats expectations at US$6.9 billion, cuts share buybacks
Oil and gas output falls 4% compared with the previous quarter due to the Iran war
Published Thu, May 7, 2026 · 02:41 PM
[LONDON] Shell’s first-quarter adjusted earnings, its definition of net profit, rose to US$6.92 billion, the company said on Thursday (May 7), beating an analyst consensus of US$6.36 billion in a company-provided poll and up from US$5.58 billion a year earlier.
Shell also cut the pace of its quarterly share buyback programme to US$3 billion from US$3.5 billion.
Shell’s oil and gas output fell 4 per cent compared with the previous quarter due to the US-Israeli war on Iran, including damage to its Qatari Pearl gas plant, where repairs might take about a year.
Shell’s gearing, or debt to equity ratio including leases, rose to 23.2 per cent from 20.7 per cent at end-2025. Shell had flagged higher debt due to managing price and supply disruptions and volatility due to the war, having previously said it was very comfortable with the ratio at 20 per cent. REUTERS
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