Shell raised its dividend by about 4% for a second time in six months after Q1 earnings of $3.2 billion, according to the company’s press release. The earnings were a jump from $393 million recorded in Q4 2020 and above the expected $3.1 billion.
Shell generated more than $8 billion of cash in Q1.
The company reduced its debt by $4 billion to $71.3 billion in the quarter as part of plans to cut it towards the $65 billion milestone.
The company incurred around $200 million in the quarter on the massive winter storm in Texas.
CEO Ben van Beurden said Shell is well-positioned to capitalize on the recovering demand.
The company warned of “significant uncertainty” in Q2 due to the impact of economic conditions in the oil and gas industry.
Shell stock is currently gaining. RDSA: AMS is up 1.53%.
