LONDON (AP) — Global energy giant Shell said Thursday that it earned nearly $10 billion in the first quarter, becoming the latest fossil fuel company to post strong financial results despite sliding oil and natural gas prices.
London-based Shell Plc reported adjusted earnings of $9.6 billion in the first three months of 2023, up 5.7% from a year ago.
The company said it faced headwinds from higher taxes and lower prices for selling oil and natural gas, as energy prices have eased after spiking following Russia's invasion of Ukraine last year. Shell said those factors were offset by cutting operating expenses and better trading results.
In the first quarter, “Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility,” CEO Wael Sawan said in a statement.