Shell Posts $5.58B Profit, Chevron $2.18 EPS, Exxon $1.76 EPS in Q1 Amid Declining Oil Prices

Shell Plc reported a 28% drop in first-quarter net profit to $5.58 billion, surpassing analyst expectations of $4.96 billion. The company attributed the decline to weaker oil prices and lower refining margins compared to the previous year. Despite the profit drop, Shell maintained its share buyback program, announcing a $3.5 billion repurchase for the next three months, marking the 14th consecutive quarter of buybacks exceeding $3 billion. Shell's oil and gas output was 2.84 million barrels of oil equivalent per day, and its net debt stood at $41.52 billion.

Chevron Corp. reported a first-quarter adjusted earnings per share of $2.18, beating estimates of $2.11 but marking a 26% year-over-year decline. Revenue reached $47.61 billion, slightly below the expected $48.08 billion. The company's cash flow from operations was $5.28 billion, falling short of the $6.82 billion forecast. Chevron plans to repurchase about $2.75 billion in shares in the second quarter, a 30% reduction from the first quarter. Chevron's stock fell as its profit declined due to falling oil prices.

Exxon Mobil Corp. met first-quarter earnings estimates with an adjusted EPS of $1.76, in line with expectations. Total revenue and other income were $83.13 billion, exceeding the $81.35 billion estimate. Despite a decline in oil prices, Exxon maintained its share buyback program, distributing $9.1 billion to shareholders, including $4.3 billion in dividends and $4.8 billion in buybacks. Exxon's production was 4,551 thousand oil-equivalent barrels per day, and its refinery throughput was 3,810 thousand barrels per day.