Shell Q2 profit slides to $6.3 billion on weaker trading, refining
2024.08.01 03:04
By Ron Bousso
LONDON (Reuters) -Shell reported a 19% quarter-on-quarter drop in profit to $6.3 billion on Thursday reflecting weaker refining margins and oil and gas trading, though still beat analysts’ forecasts.
The British company also said it would buy back a further $3.5 billion in shares over the next three months, at a similar rate to the previous quarter.
It kept its dividend unchanged at 34 cents per share.
Shell (LON:)’s second-quarter adjust earnings, its definition of net profit, exceeded analysts’ expectations of $6 billion.
They rose from $5.1 billion a year earlier but were lower than the $7.7 billion profit Shell booked in the first quarter.
The quarter-on-quarter fall reflected lower prices and sale volumes as well as weaker trading at Shell’s flagship liquefied division, which were a result of seasonally lower demand.
Lower refining margins and weaker oil trading also weighed on the results.
