London, February 5, 2024 – Energy giant Shell reported a stronger-than-expected net profit of $7.7 billion for the first quarter of 2024. This impressive performance was driven by surging energy prices and robust demand for liquefied natural gas (LNG).
Both of Shell’s core divisions delivered robust results. The upstream division, focused on oil and gas exploration and production, reported a profit of $5.1 billion. Meanwhile, the downstream division, responsible for refining and selling petroleum products, achieved a profit of $2.6 billion.
Shareholders will also be pleased with the planned 4% increase in quarterly dividends throughout 2024. This dividend hike aligns with Shell’s long-term strategy of returning value to its shareholders.
Key Takeaways:
- Shell’s net profit for Q1 2024 reached $7.7 billion, exceeding analyst expectations.
- Soaring energy prices and strong LNG demand were key drivers of growth.
- The upstream division reported a profit of $5.1 billion, while the downstream division achieved $2.6 billion.
- Shell plans a 4% increase in quarterly dividends in 2024.
