London (Reuters) – Shell announced on Friday a drop of 28% of its net profit in the first quarter, to 5.58 billion dollars (4.93 billion euros), exceeding the expectations of analysts, and maintained the rate of its program to buy share buying in a context of fall in oil prices and refinement margins below last year.
The group said it would continue its share repurchase program for $ 3.5 billion over the next three months, marking a fourteenth consecutive quarter of redemptions of at least $ 3 billion.
This strategy contrasts with that of its BP rival, which has reduced its share buybacks this year in order to strengthen its balance sheet. Shell’s net debt ratio was 18.7%, compared to 25.7% for BP.
Shell’s adjusted profit amounted to $ 5.58 billion in the first quarter, above the average forecast of $ 4.96 billion according to a consensus provided by the group, but decreased compared to the 7.73 billion recorded a year earlier.
(Written by Shadia Nasralla, Elena Smirnova, edited by Augustin Turpin)
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