Shell profit more than doubles in Q2 to $9.84 billion

Key facts

• Shell's adjusted earnings reached $9.84 billion in the second quarter.
• This represents more than double the profit from the same time last year.
• The result beat analyst expectations of $8.92 billion.
• Higher oil and gas prices, LNG and oil trading, and chemicals margins contributed to the earnings.
• Shell will continue its share buyback program at $3 billion over the next three months.

Shell's adjusted earnings, a measure of net profit, surged to $9.84 billion in the second quarter, significantly exceeding analyst expectations and more than doubling the profit from the same period last year. The company cited higher oil and gas prices, robust LNG and oil trading operations, and improved chemicals margins as key drivers for the strong performance.

These positive factors helped offset lower sales volumes, which were impacted by disruptions to Shell's operations in Qatar amid the conflict in the Middle East. Analysts had projected net profit to be $8.92 billion, a notable increase from the $4.26 billion reported a year prior.

Shell and its industry peers have benefited from market volatility stemming from geopolitical tensions, which have driven up commodity prices and created opportunities for large trading businesses. The company announced it would maintain its share buyback program at $3 billion for the upcoming three months.