The results were the company’s first since its March capital markets day, when it said it would grow top-line production and increase shareholder returns over the next five years.

Shell exceeded analyst expectations on Friday, reporting a 28% drop in first-quarter net profit to $5.58 billion, while holding steady the pace of its share buyback programme despite falling oil prices and lower refining margins.

Shell plc (NYSE:SHEL) shares rise following Q1 results. Revenue of $69.234B missed consensus of $79.13B. Adjusted earnings up 52% Q/Q to $5.58B. Dividend of $0.358 declared, $3.5B buyback announced. 2025 cash capital expenditures expected to be $20B-$22B.