Overview
- Shell reported adjusted second‑quarter earnings of $9.84 billion, more than double the year‑earlier quarter and its strongest quarterly result since Q2 2022.
- Company executives attributed the jump to higher realized oil and gas prices plus outsized gains from LNG and oil trading and improved chemicals and refining margins.
- Gas production fell sharply to about 631,000 barrels of oil equivalent per day from roughly 909,000 boe/d in the prior quarter because one train at the Pearl GTL plant in Qatar was damaged and offline.
- Shell said it will keep returning cash to investors with a $3 billion quarterly buyback and reported net debt down to about $41.8 billion from $52.6 billion at the end of Q1.
- The earnings windfall has drawn criticism from NGOs and analysts concerned about higher consumer energy costs and calls for windfall taxation while the company warns shipping and geopolitical risks could keep markets volatile.