Shell has unveiled a $7.7bn (£6.2bn) profit driven almost entirely by its oil and gas operations as the business prepares for a showdown with green activists. The company earned $7.5bn from oil, gas and petrochemicals in the first three months of the year, compared with just $163m from renewables. It also said its products generated 517m tonnes of CO2 in 2023 – far more than the entire UK economy. The results were released as Shell braces for a turbulent annual meeting next month, with green activists expected to demand a host of changes by the company. The overall financial results are stronger than expected – analysts had predicted total earnings of around $6.5bn because of falling European gas prices. The company earned $9.6bn a year earlier. Today’s announcement also includes another $3.5bn of share buybacks by August in a boost for shareholders. However, the business is likely to face a backlash from activist investors, who are said to hold up to 5pc of the company’s shares, and are concerned about a decision to reverse its pledges to cut oil production and move towards greener energy. They point out that even Shell’s oil and gas marketing budget is bigger than its spend on...