Skip to main content

Shell announces 1Q21 profits

Published by
Oilfield Technology,


As reported by Reuters, Shell's profits leapt to US$3.23 billion in the first three months of the year and the energy company raised its dividend as planned but warned that the outlook remained uncertain due to the pandemic.

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.


Read the latest issue of Oilfield Technology in full for free: Issue 1 2021

Oilfield Technology’s first issue of 2021 begins with a look at US tight oil’s prospects this year. The issue then moves on to cover completions technology, production forecasting, electric fracturing, sand recovery and more.

Exclusive contributions come from Rystad Energy, Archer, Weatherford, Halliburton, CGG, NOV, TETRA Technologies, Clariant and more.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/29042021/shell-announces-1q21-profits/

You might also like

 
 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

Upstream news Shell news Oil & gas news


 

Oilfield Technology is not responsible for the content of external internet sites.