Particle.news
Download on the App Store
16 ARTICLES
·
4w ago

Shell Beats Q2 Profit Forecast Despite 32% Earnings Decline

Shell launched a fresh $3.5 billion share buyback under CEO Wael Sawan’s drive for cost cuts, LNG expansion, shareholder returns following a 23 percent drop in first-half profit.

Rolls-Royce profits and revenue jumped
An aerial view shows flue gas and steam rising from a distillation tower at Exxon Mobil’s Beaumont oil refinery, which produces and packages Mobil 1 synthetic motor oil, in Beaumont, Texas, U.S., March 18, 2023. REUTERS/Bing Guan/File Photo
The new business includes the Magnum brand

Overview

  • Shell reported $4.26 billion in adjusted second-quarter earnings, topping the $3.87 billion consensus despite a 32 percent year-on-year slide.
  • First-half net profit fell to $8.4 billion, down 23 percent from $10.9 billion in the same period a year earlier.
  • Management attributed the downturn to lower trading and optimization margins and softer realized oil and gas prices.
  • Since 2022 Shell has secured $3.9 billion in structural cost savings and targets $5–7 billion by 2028.
  • Shares have gained 8 percent year-to-date and the company reiterated it has no intention of bidding for BP as it deepens its LNG focus.