Shell's second-quarter adjusted earnings, its definition of net profit, tumbled by almost a third on Thursday, dragged down by a drop in oil prices, but still easily beat analysts' forecasts…
Shell's second-quarter adjusted earnings, its definition of net profit, tumbled by almost a third on Thursday, dragged down by a drop in oil prices, but still easily beat analysts' forecasts.
The oil major said it would maintain the pace of its share buyback programme at $3.5 billion over the next three months, the 15th consecutive quarter of at least $3 billion.
Shell has, meanwhile, achieved $3.9 billion in cost cuts compared with 2022, part of a cost-cutting programme aimed at saving between $5 billion and $7 billion by the end of 2028.
It recorded cash flow from operations of $11.9 billion in the quarter, down from $13.5 billion a year ago.
Together with $2.1 billion in dividends, that brings shareholder distributions to 46% of operating cashflow, within its 40% to 50% guided range.
Shell's adjusted earnings reached $4.264 billion in the second quarter, smashing the $3.74 billion average in an analyst poll provided by the company but down 32% from a year ago.
Global benchmark Brent crude prices LCOc1 averaged around $67 a barrel during the April-to-June
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