Shell and TotalEnergies profits cut in half by lower oil prices | CNN Business

Shell and TotalEnergies have reported a steep drop in second-quarter profits, as oil and gas prices fell from record highs reached following Russia’s full-scale invasion of Ukraine 17 months ago. The sharp decline in earnings from two of the world’s biggest oil companies signals the end of a run of record-setting results for energy companies. Shell, Europe’s largest oil company by revenue, reported adjusted earnings of $5.1 billion during the April-to-June period — less than half the $11.

The company increased its quarterly dividend by 15% to 33 cents per share. Shell added that, subject to board approval, it would distribute “at least” another $2.5 billion via share buybacks following its third quarter results. That’s down from $4 billion for the third quarter of last year. “Shell delivered strong operational performance and cash flows in the second quarter, despite a lower commodity price environment,” CEO Wael Sawan said.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Shell profits cut in half by lower oil prices | CNN BusinessShell has reported a 56% drop in second-quarter profit, as oil and gas prices fell from record highs reached following Russia’s full-scale invasion of Ukraine 17 months ago.
Source: cnni - 🏆 326. / 59 Read more »

Apple faces $1 billion UK lawsuit by app developers over App Store fees | CNN BusinessMore than 1,500 app developers in the United Kingdom brought a £785 million ($1 billion) class action lawsuit against Apple Tuesday over its App Store fees.
Source: CNN - 🏆 4. / 95 Read more »

TikTok brings in text posts to rival Elon Musk's X | CNN BusinessTikTok will now allow users to post text-only content for the first time in a challenge to Elon Musk’s beleaguered X, formerly known as Twitter.
Source: CNN - 🏆 4. / 95 Read more »

GM earnings soar | CNN BusinessGeneral Motors reported its second-quarter earnings surged 59%, and the company raised its full-year profit outlook.
Source: CNN - 🏆 4. / 95 Read more »

Home prices stayed strong in May | CNN BusinessHome prices rose in May for the fourth consecutive month, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday.
Source: CNN - 🏆 4. / 95 Read more »