The oil major reported stronger-than-expected first-quarter profit, boosted by higher refining margins and robust oil trading. The company also announced $3.5bn (£2.8bn) of share buybacks. The group reported underlying earnings of $7.7bn (£6.1bn) for the first three months of 2024, down from $9.7bn a year earlier. But the result was 6% higher than earnings in the previous quarter and well ahead of analyst estimates of $6.3bn. Shell CEO Wael Sawan described the results as “another quarter of strong operational and financial performance.” The oil major announced a $3.5bn share buyback program, which it expects to complete over the next three months. Its dividend remains unchanged. Read more: FTSE 100 LIVE: London higher as Fed leaves interest rates unchanged The company, which handed its shareholders $23bn in payouts last year, had one of its most profitable years on record in 2023 when it reported better than expected profits of more than $28bn for the year. Alexander Kirk, fossil fuel campaigner at Global Witness, said such profits show the energy system simply doesn’t work. “Shell continuing to rake in huge sums of money shows us that huge polluter profits were not a one-off but are the twisted reality of an energy system...