BAKU, Azerbaijan, May 3. Shell’s adjusted earnings in 1Q2024 amounted to $7.7 billion, Trend reports.
According to the company’s latest quarterly report, this marked an increase of 5 percent, compared to $7.3 billion in 4Q2023.
This surge is attributed to the robust operational performance across business segments, Shell noted.
As such, the integrated gas segment accounted for a substantial portion of the earnings, reaching $3.68 billion, while the upstream segment contributed $1.93 billion.
Chemicals and products also played a significant role, contributing $1.61 billion, with renewables showing a promising $163 million.
Furthermore, the cash flow from operating activities (CFFO) for the quarter stood at $13.3 billion, up from $12.5 billion in 4Q2023.
However, this increase includes a working capital outflow of $2.8 billion, primarily due to the rising prices of crude and oil products towards the quarter's end. Additionally, the CFFO reflects tax payments totaling $2.6 billion.
Despite these expenditures, Shell managed to reduce its net debt by $3 billion over the quarter, bringing it down to $40.5 billion.
