Shell beats profit estimates as oil prices rise during Iran war
Shell earnings rise as Iran war lifts oil and gas prices See why buybacks slowed, dividends rose, and debt climbed
Shell reported firstquarter adjusted earnings of $6.92 billion, above analyst expectations, as the Iran war pushed oil and gas prices higher.
The Londonlisted energy company said it would slow its quarterly share buyback to $3 billion from $3.5 billion, while also raising its dividend by 5%.
Shell also said net debt rose to $52.6 billion at the end of the quarter. The results came shortly after the company announced a $16.4 billion deal to buy Canadian energy producer ARC Resources.