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(Bloomberg) — Shell Plc stuck to its plans for investor returns and capital spending, taking on extra debt to fill the gap in its cash flow stemming from the drop in oil prices.
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Like its peers, Shell faced weakening markets in the first quarter, something that has only worsened since President Donald Trump launched his trade war in early April. The energy giant acknowledged this volatility but said it had the financial strength to withstand it.
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“Our strong performance and resilient balance sheet give us the confidence to commence another $3.5 billion of buybacks for the next three months,” Chief Executive Officer Wael Sawan said in a statement on Friday.
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Following the decline in crude prices, every oil major is facing a balancing act between maintaining cash returns to investors — a crucial part of the industry’s appeal — investing in new projects and keeping a lid on debt. BP Plc and Eni SpA chose to trim capital investment, while Shell and TotalEnergies stuck to their spending plans.
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Shell’s cash flow from operations dropped to $9.28 billion in the first quarter, down from $13.16 billion in the prior period. Net debt climbed to $41.52 billion, up from $38.81 billion in the fourth quarter.
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Adjusted net income for the first quarter was $5.58 billion, according to the statement, compared with $7.73 billion a year earlier and beating the average analyst estimate of $5.07 billion.
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(Updates with cash flow in fifth paragraph.)
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English (US)