Shell Q2 profits drop to US$5 billion after energy prices cool

SHELL reported on Thursday (Jul 27) profits of US$5 billion in the second quarter, dropping by 56 per cent from a year earlier as oil and gas prices cooled after rallying on the back of Russia’s invasion of Ukraine.

Shell increased its dividend to US$0.33 per share in the quarter, as previously announced in June. It also announced the repurchase of US$3 billion in shares over the next three months, compared with US$3.6 billion in the previous three months.

Shell’s adjusted earnings missed company-provided analyst forecasts of US$5.8 billion in earnings.

The results compared with record quarterly earnings of US$11.5 billion a year earlier and US$9.65 billion in the first quarter of 2023. REUTERS