Shell posts record profit for second consecutive quarter


Shell launched a $6bn share buyback scheme after posting its greatest profit for a second consecutive quarter as excessive vitality costs and refining margins generated bumper earnings for the world’s oil and gasoline majors.

Europe’s largest oil firm’s adjusted earnings — the profit measure most intently tracked by analysts — rose to $11.5bn within the second three months of the yr, breaking the record $9.1bn posted within the first quarter.

That beat common analyst estimates of $11bn and was greater than double the $5.5bn it recorded a yr in the past.

Shell produced much less oil than within the first quarter however benefited from greater costs, reflecting the hovering value of crude in April, May and June following Russia’s February invasion of Ukraine.

Higher refining margins drove efficiency in its chemical compounds and merchandise enterprise, whereas it additionally famous “exceptionally strong” earnings from its gasoline and energy buying and selling enterprise.

“With volatile energy markets and the ongoing need for action to tackle climate change, 2022 continues to present huge challenges,” chief govt Ben van Beurden mentioned.

Shell left its dividend at $0.25 a share however mentioned that, with the $6bn share buyback plan, complete distributions to shareholders could be “significantly in excess” of 30 per cent of money circulate from operations.

The new spherical of share buybacks follows $8.5bn of buybacks that have been accomplished within the first half of the yr.

Net debt fell to $46.4bn from $ three months earlier.

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