Shell beat analysts' expectations and earned $9.65 billion in net profit in the first quarter, thanks to strong fuel trading revenues and increased sales of liquefied natural gas, Reuters reported. The company outperformed competitors including BP and Exxon Mobil and benefited from strong oil demand and price volatility. Although the decline in natural gas prices impacted Shell's integrated gas business, whose profits fell 18% to $4.9 billion, this was offset by a 139% jump in profits to $1.8 billion from the chemicals and refined products division. Shell shares rose 2.7%. The company kept its dividend unchanged and its share repurchase rate at $4 billion over the next quarter, despite a decline in cash generation this quarter. Shell bought back $19 billion worth of shares in the year to February 2023, almost double what it did in 2019. Shell also posted adjusted earnings of $9.65 billion in the first quarter.
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