Shell Stock Drops After $6.9 Billion Profit Beat as Buyback Cut Hits Investors
Shell shares fell 3.9% in London after the company slowed its share buyback program, despite reporting first-quarter adjusted earnings of $6.915 billion. Net debt rose to $52.6 billion, with gearing up to 23.2%. The board declared a $0.3906 per share dividend, payable June 29. Shell guided for lower second-quarter gas and LNG volumes.