Shell Surges to $9.8 Billion in Second-Quarter Earnings

Energy giant Shell has reported an impressive $9.8 billion in adjusted earnings for the second quarter, more than doubling its profits from a year ago.

The significant increase in earnings is attributed to higher oil and gas prices, record refinery utilization, and strong trading profits.

Refinery utilization reached 102% in April to June, up from 99% in the first quarter of this year, mainly due to lower planned and unplanned maintenance activities.

Shell's global indicative refining margin rose to $24 per barrel, while the global indicative chemical margin doubled to $270 per ton compared to the previous quarter.