Jul 28, 2022
Shell smashes profit record for second straight quarter
Shell has broken its profit record for a second consecutive quarter and announced a $6bn share buyback scheme as the fallout from the war in Ukraine generates bumper earnings for the world's oil and gas majors. Shell is the first of the so-called supermajors to report its half-year results, with ExxonMobil, Chevron and BP also expected to reveal bumper earnings in the coming days. The UK-headquartered group, Europe's largest oil company, reported adjusted earnings of $11.5bn in the second three months of the year, breaking the record $9.1bn posted in the first quarter. Shell produced less oil than in the first quarter but benefited from higher prices, reflecting the soaring cost of crude in April, May and June following Russia's invasion of Ukraine in February. In 2020, Shell slashed the dividend by two-thirds to $0.16, the first reduction since the second world war, as lockdowns hit demand and pushed oil prices below $20 a barrel.
Related companies
Make a complaint about Shell by viewing their customer service contacts.
