Oil giant Shell posts $10 bln profit

STORY: Energy companies keep racking up big profits.

Shell became the latest to announce huge numbers on Thursday (May 4).

It made a net profit of $9.65 billion in the first quarter - well ahead of analyst forecasts.

The company found fuel trading and liquefied natural gas sales offset falling energy prices.

Lower prices hit Shell's giant integrated gas business - with profits down almost a fifth to just under $5 billion.

But that was offset by a 139% jump in profits in its chemicals and refined products unit.

It continues a strong year for Shell, which recorded a record yearly profit of $40 billion in 2022.

The latest results follow similar numbers from rivals like BP and Exxon Mobil.

The sector has scored big from strong demand and price volatility.

Shell shares were up around 2% after the update.