British-Dutch energy company Shell reported second-quarter profit of $6.3 billion, down 19% from the previous three months due to lower refining margins and oil and gas trading. Although this figure still exceeds analysts' forecasts, Reuters reports.
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Profit was almost 25% higher than for the same period a year ago. Results rose on strong performance in oil and gas production and retail marketing.
Shell shares rise
Shell shares were up 1.4% as of 12:08 Kyiv time.
Shell said it had achieved $700 million in cost savings in the first half of 2024, taking total cost reductions to $1.7 billion from 2022, as part of a target of $2 billion to $3 billion in savings by 2025.
The company also said it would buy back a further $3.5 billion of shares over the next three months, at the same rate as in the previous quarter. It kept its dividend constant at 34 cents a share.
What's happening with other companies
It also said Europe's leading oil and gas companies were cutting refining margins in Europe this quarter after two years of strong profits.
BP raised its dividend by 10% on Tuesday after forecasting a profit of $2.8 billion. Last week, France's TotalEnergies reported a 6% fall in second-quarter profit due to lower refining margins.
U.S. companies Exxon Mobil and Chevron report on Friday.