shell plc shel said thursday that earnings fell on quarter for the first quarter of 2023 but beat market expectations and declared a 4 billion share buyback program the oilandgas giant generated adjusted earnings of 965 billion in the three months through the end of march beating the market consensus of 7965 billion taken from vara research and averaged from 28 analysts’ estimates this was slightly down from 981 billion in the fourth quarter of 2022 but exceeds the 913 billion reported in the first quarter of 2022 compared with the fourth quarter shell’s profits were hit by unfavorable tax movements and lower oilandgas prices partially offset by lower operating expenses and higher chemicals and products trading and optimization results the company also booked impairment charges of around 05 billion net income was 871 billion for the quarter compared to 1041 billion in the fourth quarter and 712 billion in the first quarter of 2022 shell declared a dividend of 2875 cents a share for the period flat on the fourth quarter of 2022 and said it will complete a 4 billion share buyback program by the time it announces its secondquarter results in late july