Shell posts $6.3 billion revenue in Q2, continues share buyback plan
The British oil major, Shell, reported a stronger-than-expected second-quarter profit on Thursday despite lower refining margins and poorer liquified natural gas trade
The oil and gas company posted adjusted earnings of $6.3 billion for the second quarter, exceeding analyst predictions of $5.9 billion.
Comparing the second quarter of 2018 to the first three months of the year, Shell’s profits decreased by 19%. For the second quarter of 2023, the business recorded adjusted earnings of $5.1 billion.
Shell announced that it will begin a $3.5 billion share buyback program, similar to the previous quarter, over the next three months. The dividend paid by the corporation per share is still 34 cents.
In a statement, Shell CEO Wael Sawan stated, “Shell delivered another strong quarter of operational and financial results.” Shell recently issued a warning, that it anticipated paying up to $2 billion in impairment charges following the sale of its refinery in Singapore and the halting of development at its Rotterdam, Netherlands, facility.
The oil business, in a July 2 update, stated it would temporarily halt on-site building at its Rotterdam biofuels facility, which produces 820,000 metric tons of ethanol annually, “to address project delivery and ensure future competitiveness given current market conditions.”
Early in May, Shell announced that it reached an agreement to sell its Singaporean refinery and petrochemical assets to PT Chandra Asri, an Indonesian petrochemical company, and Glencore, a Swiss trading house.
The deal, is anticipated to close before the year is out, was seen as a component of CEO Wael Sawan’s objectives to reduce Shell’s carbon footprint and concentrate on its most lucrative ventures. The company’s shares, listed in London, have increased by more than 10% this year, surpassing European competitors.
ABOUT THE AUTHOR
See More
Sidebar rates
Add 3442
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals