Company News

Shell Reports $7.7 Billion Quarterly Profit

The major oil company delivered another quarter of ‘strong operational and financial performance,’ CEO says
Shell logo
Photograph: Shutterstock

Shell plc delivered strong results with profits of $7.7 billion for its first quarter, the energy giant said on Thursday.

The company reported adjusted EBITDA(earnings before interest, taxes, depreciation, and amortization) at $18.7 billion versus fourth-quarter 2023 EBITDA at $16.3 billion.

  • Shell is No. 45 on CSP’s 2023 Top 202 ranking of U.S. convenience-store chains by total number of company-owned retail outlets.

“Shell delivered another quarter of strong operational and financial performance, demonstrating our continued focus on delivering more value with less emissions,” CEO Wael Sawan said in a statement. “We continue to deliver on our Capital Markets Day targets, giving us the confidence to commence another $3.5 billion buyback program for the next three months.”

Earlier this year, the major oil company said in its first energy transition update since the launch of its Powering Progress strategy in 2021, that it is pushing ahead with its growth of electric-vehicle (EV) charging and convenience-store offers but will divest around 500 Shell-owned sites globally in 2024 and 2025. The company did not specify which locations and in which countries, and it is unclear whether any U.S. gas stations would be affected.

“We are upgrading our retail network, with expanded electric-vehicle charging and convenience offers, in response to changing customer needs. In total, we plan to divest around 500 Shell-owned sites (including joint ventures) a year in 2024 and 2025,” the company said. “We are growing our premium lubricants portfolio to supply key energy transition sectors such as transformer oils used for offshore wind parks and cooling fluids to support the development of electric-vehicle car batteries.”

Houston-based Shell USA acquired EV charging network Volta Inc., in 2023 and will take over its operations on June 1.

Volta’s assets include an existing public EV charging network of more than 3,000 charge points at destination sites including convenience stores across 31 U.S. states and territories; a development pipeline of more than 3,400 additional charge points and capabilities to continue developing, operating and monetizing EV charging infrastructure.

Shell serves about 8 million customers per day with a brand presence at approximately 12,000 fueling stations across 49 states. It owns and operates nearly 200 convenience retail sites. Globally, London-based Shell serves around 32 million customers per day at its mobility sites, who visit for quality fuels, EV charging and convenience and non-fuel products and services.

Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.


Exclusive Content

Snacks & Candy

Convenience-Store Shoppers Are Sweet on Private-Label Candy

How 7-Eleven, Love’s are jumping on confection trends


How to Make the C-Store the Hero for Retail Media Success

Here’s what motivates consumers when it comes to in-store and digital advertising

Mergers & Acquisitions

Soft Landing Now, But If Anyone Is Happy, Please Stand Up to Be Seen

Addressing the economic elephants in the room and their impact on M&A


More from our partners