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

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Shell has reported a 56% drop in second-quarter profit

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.

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