Shell profit soars, as high oil prices offset Russia hitAFP, LONDONBritish energy giant Shell PLC yesterday said its net profit soared 26 percent in the first quarter of the year as soaring oil prices offset a sizeable charge linked to its Russia exit. Profit after tax leapt to US$7.1 billion compared with a year earlier, Shell said in a statement. While the group took a US$3.9 billion charge on its exit from Russia after Moscow invaded Ukraine, it saw lower costs elsewhere. Oil prices have surged in the past few months on concerns over tight supplies following the invasion of Ukraine by major oil and gas producer Russia. Shell added yesterday that it has begun the second tranche of its US$8.5 billion share buyback program that was unveiled in February.
