Fall to $4.26bn profit in second quarter beats City forecasts and oil firm says it will continue to buy back shares
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Profits at Shell fell by nearly a third in the last quarter as the energy company was hit by a fall in earnings from oil and gas.
Shell reported on Thursday morning that its adjusted earnings dropped to $4.26bn in the second quarter of this year, 32% less than the $6.29bn it made in April-June 2024 when energy prices were higher. This beat City forecasts of a larger drop in profits to $3.7bn.
Shell attributed the drop to “lower trading and optimisation margins” as well as lower prices for oil and gas. At the end of June, Brent crude was trading below $68 a barrel, compared with more than $86 a barrel a year earlier.
