Shell's profit beats expectations at $6.9 billion, cuts share buybacks

* Shell cuts quarterly buybacks ​to $3 ⁠bln from $3.5 bln

* Middle ​East war cuts output by 4% (Adds details on ​lower ‌output, debt)

LONDON, May 7 (Reuters) - Shell's first-quarter adjusted ⁠earnings, its definition ​of net profit, rose to $6.92 billion, the company said on Thursday, beating an analyst consensus ​of $6.36 ‌billion in a company-provided poll and up from $5.58 billion a year earlier.

Shell also cut the pace of its ​quarterly share buyback programme to $3 billion from $3.5 billion.

Shell's ‌oil and gas output fell 4% compared with the previous ‌quarter due to the U.S.-Israeli war on Iran, including damage to its Qatari Pearl gas ​plant, where repairs might take about a year.

Shell's gearing, ‌or debt to equity ratio including leases, rose to 23.2% from 20.7% at ⁠end-2025. Shell ⁠had flagged higher debt due ‌to managing price and supply disruptions and volatility due ​to ​the war, having previously said ‌it was very comfortable with the ratio at 20%.

Shell