Shell on Thursday reported a 56% fall in second-quarter profit to $5 billion as oil and gas prices and refining profit margins fell, prompting the energy giant to slow its share repurchase programme.
The lower results mainly reflected lower liquefied natural gas trading results, lower oil and gas prices, lower refining margins, and lower sales volumes, compared with the previous quarter, Shell said.
Oil and gas prices soared last year in the wake of Russia's invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages have eased. Benchmark Brent crude prices averaged $80 a barrel in the second quarter of 2023, down from $110 a year earlier.Shell, the world's top LNG trader, said earnings from its flagship division halved from the previous quarter due to a weaker performance of its trading division.
Shell reduced its debt pile to $40.3 billion by the end of the second quarter, down from $44.2 billion three months earlier, cutting its debt-to-capital ratio, known as gearing, by one percentage point to 17%.Our Standards:Ron has covered since 2014 the world’s top oil and gas companies, focusing on their efforts to shift into renewables and low carbon energy and the sector's turmoil during the COVID-19 pandemic and following Russia's invasion of Ukraine.
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