Oil giant Shell beats first-quarter profit estimates, launches $3.5 billion share buyback

Shell reported a first-quarter profit of $7.7 billion, surpassing analyst expectations of $6.5 billion, driven by strong refining margins and oil trading. Despite this, profits were down 20% from the previous year, reflecting a broader downturn in the energy sector. The company also announced a $3.5 billion share buyback program to be completed in the next three months, with dividends remaining unchanged.