By Shadia Nasralla and Stephanie Kelly
LONDON, May 7 (Reuters) – Shell’s first-quarter adjusted earnings, its definition of net profit, rose to $6.92 billion, the company said on Thursday, beating an analyst consensus of $6.36 billion in a company-provided poll and up from $5.58 billion a year earlier.
Shell also cut the pace of its quarterly share buyback programme to $3 billion from $3.5 billion.
Shell’s oil and gas output fell 4% compared with the previous quarter due to the U.S.-Israeli war on Iran, including damage to its Qatari Pearl gas plant, where repairs might take about a year.
Shell’s gearing, or debt to equity ratio including leases, rose to 23.2% from 20.7% at end-2025. Shell had flagged higher debt due to managing price and supply disruptions and volatility due to the war, having previously said it was very comfortable with the ratio at 20%.
(Reporting by Shadia Nasralla and Stephanie Kelly; Editing by Louise Heavens)
