London [United Kingdom]: Despite a dip in energy prices, oil and gas giant Shell has reported impressive profits for Q1 of 2023, registering $9.6 billion (€78.6 billion). This marks a significant increase from the same period last year, beating expectations.

Following Russia's invasion of Ukraine last year, the oil and gas prices surged, resulting in fossil fuel companies enjoying record profits. However, these figures have since fallen from the post-invasion peaks.

Shell has announced impressive financial results coupled with excellent operational performance amidst the ongoing market volatility. In addition, the company has revealed plans to buy back some of its shares in the next three months, returning a substantial $4 billion (€3.6 billion) to its shareholders.

Shell has reported an increase in profits despite the drop in oil prices due to its chemicals and refined products business. Similarly, bp also announced strong earnings for the first quarter of 2022, although they were slightly lower compared to the same period last year. However, the escalation of prices in oil and gas due to the Ukrainian conflict resulted in higher energy costs for households and businesses.