- Adjusted earnings rise to $9.1bn, up from $3.2bn a year ago
- Russia impairment hits bottom line but stronger outlook should spur more buybacks
Energy giant Shell (SHEL) has tripled its adjusted profits on the back of higher energy prices and trading income, and looks set to increase its buyback volume later in the year.
Like BP (BP.), which also enjoyed much-improved cash flow, Shell put its investments in European oil and gas supply at the forefront of its March quarter earnings announcement. Energy companies have come under pressure to rein in shareholder payouts in favour of higher investment in output. Shell boss Ben van Beurden said the company had been working with governments and customers on maintaining supply.