Shell Profits Top $5-B, Just 50% Of Its Q1 Gain

Shell has reported that it earned nearly $5.1 billion in the second quarter, but it was only half of what the oil and natural gas giant pulled in during the first three months of the year as energy prices have plunged, the Associated Press (AP) reported.

Photo Insert: Shell, whose profits doubled to an all-time high last year, will reward shareholders with a 15% dividend increase.

Shell said its adjusted earnings followed lower oil and gas prices, production and trading. The figure was down from $11.5 billion in the same period a year ago and $9.6 billion in the first quarter.

Oil and gas prices surged last year after Russia invaded Ukraine but prices have since fallen amid weak global economic growth and other factors, leading to lower earnings.

“Shell delivered strong operational performance and cash flows in the second quarter, despite a lower commodity price environment,” CEO Wael Sawan said.

The financial earnings have become a political flashpoint in Britain, spurring calls from opposition politicians and campaign groups for oil and gas companies to do more to help consumers burdened by soaring energy bills that have contributed to a cost-of-living crisis.

Shell, whose profits doubled to an all-time high last year, will reward shareholders with a 15% dividend increase. It says it is buying back an additional $3 billion in shares over the next three months.

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