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11h ago

Shell Reports 23% H1 Profit Slide but Tops Q2 Forecasts

After beating second-quarter estimates, Shell launched another $3.5 billion share buyback to sustain returns.

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

Overview

  • Shell’s first-half net profit fell 23% to $8.4 billion as lower oil and gas prices weighed on earnings.
  • Adjusted second-quarter earnings reached $4.26 billion, outperforming analyst forecasts of $3.87 billion.
  • The company initiated its 15th consecutive quarterly share repurchase of $3.5 billion to reinforce shareholder returns.
  • Since 2022, Shell has achieved $3.9 billion in structural cost savings and set a goal to cut an additional $5–7 billion by 2028.
  • Shell reiterated its strategic focus on LNG and deep-water projects while dismissing any takeover bid for BP.