Shell profits fall as oil, gas prices decline

(Sharecast News) - Shell on Thursday posted a sharp fall in second-quarter profits as oil and gas prices declined a year after Russia's unprovoked invasion of Ukraine sparked a surge in the cost of energy. The energy giant reported adjusted earnings of $5bn for the three months to June, down 47% and missing company-provided analyst forecasts of $5.8bn.

For the half-year, earnings were down 29% to $14.7bn. Shell also announced a $3bn share buyback over the next three months and targeted $2.5bn in the third quarter of the year.

The results compared with record quarterly earnings of $11.5bn a year ago which prompted calls for the UK government to hit the sector with tougher windfall taxes amid the cost-of-living crisis facing hard pressed consumers battling runaway inflation.

Reporting by Frank Prenesti for Sharecast.com