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Shell halves its profit until June due to the fall in oil prices

Date: April 21, 2024 Time: 01:16:08

The oil company Shell recorded a net attributable profit of a total of 11,843 million dollars (10,699 million euros) during the first half of this year. The figure represents a fall of 52.9% compared to the result that was recorded last year in the same period by the company, as a result of lower oil and gas prices.

Between the months of April and June, the net attributable profit of the Anglo-Dutch company reached 3,134 million dollars (2,831 million euros), 82.6% less than a year earlier. Shell explained that the decline in profit in the first half reflects lower oil and gas prices, as well as lower volumes and lower refining margins.

Likewise, in the first half of the year, the multinational assumed extraordinary charges for impairments and reversals amounting to 2,100 million dollars (1,897 million euros), when in the first half of 2022 these factors had a positive impact of 1,100 million dollars (994 million euros).

Oil company revenues

For its part, the oil company’s revenues between January and June 2023 totaled 161,538 million dollars (145,942 million euros), 12.3% less than in the first half of 2022, including a 26.2% decline in revenues in the second quarter, to 76,020 million dollars (68,680 million euros). At the end of the second quarter of the year, Shell’s net debt amounted to 40,310 million dollars (36,418 million euros), compared to 44,224 million dollars (39,954 million euros) in the first quarter of 2023.

The oil company has announced that it will carry out a new share buyback program

Despite the decline in results, the company has announced the distribution of a quarterly dividend of $ 0.331 per share, which represents an increase of 15% in shareholder remuneration. On the other hand, the oil company has announced that it will carry out a new program of repurchase of own shares amounting to 3,000 million dollars (2,710 million euros) that is expected to be completed for the announcement of the results of the third quarter of 2023, when it hopes to announce another repurchase program of at least 2,500 million dollars (2,258 million euros).

“We are delivering on our Capital Markets Day commitment to a 15 percent dividend increase,” Shell Chief Executive Wael Sawan said, adding that the company is also going beyond expectations in terms of the share buyback plan.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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