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Shell reports record profit of $11.5 billion

The Guardian

Shell reports record profit of $11.5 billion

Oil giant Shell has doubled its profits in the last quarter, thanks to the surge in energy prices since the Ukraine war began which are hammering households and businesses.

Shell has reported record adjusted earnings of $11.47bn (£9.4bn) for the last quarter, up from $5.5bn in April-June 2021, as it benefitted from higher realised prices, higher refining margins, and stronger gas and power trading.

That smashes Shell’s record quarterly profit of $9.1bn racked up in January-March, and above analyst forecasts.

Shell says it made a “strong performance in a turbulent economic environment”.

Shell’s chief executive officer, Ben van Beurden, says:

 “With volatile energy markets and the ongoing need for action to tackle climate change, 2022 continues to present huge challenges for consumers, governments, and companies alike.

Consequently, we are using our financial strength to invest in secure energy supplies which the world needs today, taking real, bold steps to cut carbon emissions, and transforming our company for a low-carbon energy future.

But the company will also funnel more cash to investors, announcing a share buyback programme of $6bn in the third quarter.

Here’s Reuters take on Shell’s results:

Refining profit margins tripled in the quarter to $28 per barrel.

They have weakened substantially in recent weeks amid signs of easing gasoline demand in the United States and Asia.

Shell said its refinery utilization would increase to 90-98% in the third quarter, compared with 84% in the second quarter.

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