Earnings more than doubled—helped by oil trading and higher prices—but the energy major warned of lower production, launching a lower buyback than in previous quarters.

Shell PLC (LSE:SHEL, NYSE:SHEL) announced a new $3 billion share buyback programme as it reported higher first quarter profits and maintained a steady outlook. The oil major's adjusted earnings more than doubled to $6.

Shell's first-quarter adjusted earnings, its definition of net profit, rose to $6.92 billion, ​the company ​said on Thursday, ⁠beating ​an analyst consensus ​of $6.36 billion in a company-provided poll and ​up ​from $5.

LONDON, May ⁠7 (Reuters) - Shell's first-quarter adjusted earnings, its ​definition of net profit, rose to $6.92 ‌billion, the company ‌said on Thursday, beating ⁠an ⁠analyst consensus of $6.36 billion in a company-provided poll ​and up from $5.58 billion a year earlier.

Shell (SHEL) is set to report its first-quarter earnings on Thursday, May 7, before the market opens, with analysts expecting a sharp year-over-year rebound in profitability. Consensus estimates call for earnings per share of $2.

Shell has revealed a surge in quarterly profits on the back of the Middle East conflict but also given an update on costly war damage to its output. The oil and gas firm reported net profits of $6.9bn (£5.1bn) for the first three months of the year.

Shell is the final western oil supermajor to report quarterly earnings. Profits for European competitors BP plc and TotalEnergies SE soared, because of strong trading performances during the war.

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