Shell's Profit Reached $9.8 Billion in the Second Quarter

The British oil and gas company Shell reported an adjusted profit of $9.8 billion for the second quarter, marking the second-largest quarterly result in the company's history, following a record $11.5 billion in 2022. The financial results significantly exceeded analysts' consensus forecast of $8.9 billion and the figure from the same period last year of $4.3 billion. The main driver of revenue growth was the high margins of the trading division, which capitalized on price volatility in global markets. The company's gas production fell by 31% compared to the previous quarter due to the shutdown of the Pearl gas-to-liquids processing plant in Qatar and restrictions at other facilities in the region. Seven of Shell's refineries operated at 102% of their nominal capacity, while the adjusted profit of the chemicals division rose by 49% for the quarter to $2.8 billion. CEO Wael Sawan noted that the company quickly compensated for the losses in Qatar through other supply sources. Shell will maintain its share buyback program at $3 billion for the next quarter and will complete a previously delayed buyback of $1.2 billion. Shell's shares rose by 1.2% during morning trading.