Shell announces 1Q21 profits
Published by Nicholas Woodroof,
Editor
Oilfield Technology,
Shell's adjusted earnings came in ahead of an average analyst forecast of US$3.125 billion and were also above earnings of US$2.9 billion last year, boosted by assets sales as well as higher oil and LNG prices.
Shell said its fuel sales fell 13% in 1Q21 due to further lockdown measures and the impact of the Texas storm in February, saying there was still "significant uncertainty" over the outlook for demand in 2Q21.
The Anglo-Dutch company raised its dividend in 1Q21 by 4% as planned, the second increase since its slashed its payout by two-thirds at the start of last year due to the coronavirus pandemic.
Shell's cash flow from operations, a key performance metric, rose to US$8.3 billion from US$6.3 billion, helping reduce its debt to US$71.3 billion.
Shell wants to get its net debt below US$65 billion as part of its strategy to shift to low-carbon energy in the coming decades.
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