Shell Q2 beats forecasts, starts $3.5bn share buyback

(Sharecast News) - Energy giant Shell reported better-than-expected second quarter earnings but still sharply lower than a year ago on the back of weak oil and gas prices. Adjusted earnings came in at $4.26bn for the three month period, beating average estimates of $3.74bn in a company-compiled poll, but down 24% on 2024's $6.3bn. For the half year earnings were down 30% to $9.8bn.

The company added that it would starts another share buyback programme of $3.5bn over the next three months.

Shell earlier this month warned of a hit to profits after weaker trading in its integrated gas division and losses at its chemicals and products operations.

Crude oil prices slumped over the year as the global economy slowed with Chinese demand waning in particular. Brent crude prices were around $67 a barrel during the quarter, compared with $85 a year ago.

Reporting by Frank Prenesti for Sharecast.com