Shell Q2 earnings beat expectations, $3.5bn share buyback launched

1st Aug 2024 07:54

(Sharecast News) - Oil giant Shell reported better-than-expected earnings for the second quarter on Thursday as it announced a $3.5bn share buyback.

In the three months to the end of June, adjusted earnings came in at $6.3bn. Although this was a 19% decline on the first three months of the year, it was comfortably ahead of consensus expectations of $5.9bn.

Commenting on the drop in adjusted earnings, Shell pointed to lower seasonal demand and volatility driving lower trading and optimisation in Europe, as well as lower generation and energy marketing margins.

The company also said it was launching a $3.5bn share buyback for the next three months.

Chief executive Wael Sawan said: "Shell delivered another strong quarter of operational and financial results. We further strengthened our leading LNG portfolio, and made good progress across our capital markets day 2023 financial targets, including $1.7bn of structural cost reductions since 2022."