Shell Profit More Than Doubles to $9.84 Billion Amid Middle East Conflict
Shell's net profit more than doubled to US$9.84 billion in the second quarter, beating analysts' expectations and reaching its second-highest level on record.
The jump in earnings was largely due to higher energy prices and increased market volatility during the Middle East conflict, which created opportunities for large trading businesses operated by companies such as Shell, BP, and TotalEnergies.
Shell's refineries ran at 102% of their nameplate capacity during the quarter, helping increase production of jet fuel by 20% from a year ago, according to a company spokesperson. The integrated gas business, which includes the world's largest LNG trading desk, comfortably beat expectations at US$2.7 billion.
The company reported its highest operating cash flow since 2022 and maintained its share buyback programme at US$3 billion over the next three months. Shell's net debt dropped to US$41.8 billion from US$52.6 billion at the end of the first quarter, with a gearing ratio of 18.7%.