Shell Earnings Soar on Record Refining Utilization

Shell, an energy giant, reported adjusted earnings of $9.84 billion for the second quarter, more than doubling its profits from the same period last year.

The company's higher adjusted earnings reflected a jump in realized oil and gas prices, as well as stronger trading profits, refinery utilization, and chemicals margins.

Refinery utilization was at an all-time high of 102% in April to June, compared to 99% in the first quarter. Shell also saw its global indicative refining margin rise to $24 per barrel from $17 in the previous quarter.

The company's free cash flow jumped to $17.524 billion for the second quarter, up from $6.531 billion for the same period last year.