Shell PLC

SHEL: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 4,989.00	Zkdm	Wqkmwxlm

Shell Earnings: Strong Integrated Gas Performance Drives Results Past Expectations

Allen Good

May 2, 2024

No-moat Shell's adjusted first-quarter earnings fell to $7.7 billion from $9.6 billion the year before on weakness across all segments. However, results surpassed expectation largely on greater-than-anticipated integrated gas segment earnings. Our fair value estimate is unchanged.

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