Shell beats earnings estimates and launches $3.5 billion stock buyback

The Shell logo is displayed outside a gas station in Radstock on February 17, 2024 in Somerset, England.

Matt Cardy | Getty Images News | Getty Images

British oil giant Shell on Thursday announced stronger-than-expected profits in the first quarter of the year, supported by higher refining margins and strong oil trading.

Shell reported adjusted earnings of $7.7 billion for the first three months of the year, beating analysts' expectations of $6.5 billion, according to the LSEG consensus.

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