Shell reported first-quarter profit of $7.7 billion on Thursday, sharply beating expectations after disruptions in the Red Sea and Russia lifted oil refining and trading. The company also said it will repurchase a further $3.5 billion of its shares over the next three months, at a similar rate to the previous quarter. Its dividend remained unchanged. Shell's cashflow rose by 6 per cent from the previous quarter to $13.3 billion reflecting strong operational performance, which together with trading helped offset a decline in natural gas prices that weighed on earnings of rivals including Exxon Mobil and Chevron last week.