Shell again smashes record with $11.5 billion profit

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LONDON, July 28 (Reuters) – Shell  on Thursday reported a profit of $11.5 billion in the second quarter, smashing the previous quarter’s record, lifted by refining profits and gas trading.

The company announced a share buyback programme of $6 billion for the current quarter, but did not raise its dividend. Shell said its shareholder returns will remain “in excess of 30% of cash flow from operating activities”.

The strong results reflected higher energy prices and refining margins, as well as strong gas and power trading, Shell said, but were partly offset by lower liquefied natural gas trading results.

Second-quarter adjusted earnings rose to $11.47 billion, above the $11 billion forecast by analysts in a poll provided by the company. That was up from $5.5 billion a year earlier and from $9.1 billion in the first quarter of 2022.

(Reporting by Ron Bousso and Shadia Nasralla; editing by Jason Neely)

Photo:Photographic Services, Shell International Limited

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