(Shell) Shares of Shell rose more than 3% on Thursday after reporting adjusted earnings of $9.1 billion in the first quarter of 2022, compared to $3.2 billion in the prior year.
The stronger earnings were in line with expectations and reflected an increase from $6.4 billion in the last quarter of 2021. The increase was contributed by the rising prices of commodities.
Following the robust quarter, the oil giant raised its dividends by 4% to $0.25 per share in the first quarter. The company said it has already repurchased $4 billion of the $8.5 billion worth of share buyback announced in the first half of 2022.
Shell said it also incurred a hit of $3.9 billion in the first quarter due to the exited Russian operations. It said another $4 billion to $5 billion in assets could be written off as a result of the exit.
SHEL: LON is up +3.19%
