Shell's Q1 Profits Drop 28% Amid Weaker Oil Prices, Exceeding Expectations

Shell reported a significant decline in first-quarter profits to $5.58 billion, marking a 28% drop compared to the same period last year, largely due to weaker crude oil prices and lower refining margins. Despite the decline, Shell's earnings exceeded analyst expectations, demonstrating resilience in a challenging market environment shaped by global economic uncertainties and fluctuating oil prices. The company announced a continuation of its $3.5 billion share buyback program for the next three months, maintaining a pace that contrasts with rival BP, which has reduced its buybacks. Shell's financial position remains relatively strong, with a lower debt-to-equity ratio than BP. This performance aligns with broader trends in the oil industry as major players adapt to ongoing volatility and shifting market conditions. The coming months are seen as pivotal for the sector as companies navigate these economic headwinds.