Shell reported stronger-than-expected first-quarter adjusted profit of $6.92 billion, driven by solid earnings despite market volatility. However, the company trimmed its share buyback program and saw a 4% drop in oil and gas output following disruptions linked to the U.S.-Israeli war on Iran, alongside rising debt levels.

Shell's profit beats expectations at $6.9 billion, cuts share buybacks

May 07, 2026

Reuters

FILE PHOTO: The logo of oil and gas company Shell at a gas station in Wijchen, Netherlands, April 13, 2026.

Piroschka van de Wouw/Reuters

Shell's SHEL.Lfirst-quarter adjusted earnings, its definition of net profit, rose to $6.92 billion, the company said on Thursday (May 7), beating an analyst consensus of $6.36 billion in a company-provided poll and up from $5.58 billion a year earlier.

Shell also cut the pace of its quarterly share buyback program to $3 billion from $3.5 billion.

Shell's oil and gas output fell 4% compared with the previous quarter due to the U.S.-Israeli war on Iran, including damage to its Qatari Pearl gas plant, where repairs might take about a year.

Shell's gearing, or debt to equity ratio including leases, rose to 23.2% from 20.7% at end-2025. Shell had flagged higher debt due to managing price and supply disruptions and volatility due to the war, having previously said it was very comfortable with the ratio at 20%.

-Reuters