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Shell announces 1Q21 profits

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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.

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