Shell PLC

SHEL: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 4,211.00	Scbn	Rgshgjkbk

Shell Earnings: Maintains Repurchase Rate as June Brings Strategic Update

Allen Good

May 5, 2023

No-moat Shell reported first-quarter results increased to $9.6 billion from $9.1 billion despite lower oil and gas prices thanks to lower operating expenses and stronger chemicals and products trading results. Total production fell to 2,902 mboe/d from 2,962 mboe/d last year because of divestments that offset the benefit of reduced maintenance.

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