Shell profits fall

Shell has announced a fall in profits in the latest quarter as the oil giant is going ahead with investment plans.

Shell told shareholders adjusted earnings fell in the first quarter of 2025 by 27.9% to 5.58 billion.

The fall in profits came as the oil major was impacted by a £382 million charge for the UK energy profits levy.

Chief executive Wael Sawan said, “Shell delivered another solid set of results in the first quarter of 2025.

“We further strengthened our leading LNG (liquified natural gas) business by completing the acquisition of Pavilion Energy and high-graded our portfolio with the completion of the Nigeria onshore and the Singapore Energy and Chemicals Park divestments.

“Our strong performance and resilient balance sheet give us the confidence to commence another 3.5 billion dollars of buybacks for the next three months, consistent with the strategic direction we set out at our capital markets day in March.”