British energy company Shell announced a strong profit of $9.84 billion for the second quarter of this year. This result is better than expected because of rising oil and gas prices during ongoing conflicts in the Middle East.
This profit, reported for April to June, surpassed analyst predictions of $8.79 billion. Last year, Shell earned $4.26 billion in the same period and $6.92 billion in the first quarter of this year. This is Shell’s best result since mid-2022 when earnings reached $11.47 billion after the conflict in Ukraine started.
Shell’s CEO, Wael Sawan, noted that “volatility is the new normal” in the energy market. He explained that Shell aims to perform well despite these changes. The company focuses on excellent operational performance and strong trading to achieve its results.
Shell plans to continue buying back shares, maintaining a programme worth $3 billion in the next quarter. The company also reported significant cash flow from operations of $21.4 billion and reduced its net debt to $41.75 billion.
Shares of Shell rose 1.5% on Thursday. The stock is up about 21% this year, although it still trails behind some other energy companies like BP and TotalEnergies.
