Shell posts sharp fall in first-quarter profit on weaker oil prices

British oil giant Shell on Friday reported a sharp fall in first-quarter profit, following a period of weaker crude prices.

Shell reported adjusted earnings of $5.58 billion for the first three months of the year, beating analyst expectations of $5.09 billion, according to an LSEG-compiled consensus. A separate forecast from analysts polled by Vara Research had expected Shell’s first-quarter profit to come in at $4.96 billion.

Shell reported adjusted earnings of $7.73 billion over the same period last year and $3.66 billion for the final three months of 2024.

The results come as Big Oil profits continue to fall from record highs in 2022. A weak outlook for oil markets, falling crude prices and U.S. President Donald Trump’s fast-changing trade policy have rattled investor sentiment in recent months.

Earlier in the week, Britain’s BP and France’s TotalEnergies reported a significant drop in first-quarter profit and higher net debt.

This is breaking news. Please refresh for updates.