Better than expected profits for Shell
By Sarah Wood | 2nd May 2024
Europe's biggest oil and gas firm has reported better than expected first quarter profits.
Shell said its main profit measure for the first three months of the year was $7.7bn (£6.14bn) - more than $1bn higher than forecast, but significantly lower than $9.7bn in the same period last year, as reported by Sky.
Shell reported that the performance was due to strong oil trading and higher refining margins.
Meanwhile, the company is under pressure from a group of shareholders with a combined 5% holding to work to stricter climate targets.
The group is calling on Shell to align its medium-term carbon emissions reduction targets with the Paris Climate Agreement, to include emissions from fuels burnt by customers.
The resolution is up for the vote at the company's AGM on May 21 and Shell's board is urging shareholders to vote against it.
The company said it is already making good progress towards achieving climate targets and ambitions.
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