Despite a tumble in second-quarter net profit, dragged down by a drop in oil prices and lower gas trading results, Shell still easily beat analysts' estimates.
The company has commenced another US$3.5 billion of buybacks for the next three months, marking the 15th consecutive quarter of at least $3 billion in buybacks.
Adjusted earnings fell 32% to $4.3 billion over the quarter, after reporting net profit of $6.29 billion in the same period last year and $5.58 billion in the first quarter.
Despite the drop, this is still beating the analyst consensus estimate of around $3.7 billion in adjusted earnings.
The oil major revealed a plan to reduce costs by $5 billion to $7 billion by the end of 2028.
For the second quarter of 2025, net debt came in at $43.2 billion, up from $41.5 billion in the first quarter.
Despite the rise in net debt, Shell executive officer Wael Sawan said the company had still delivered $3.9 billion in structural cost reductions since 2022.
"Shell generated robust cash flows reflecting strong operational performance in a less favourable macro environment,” Sawan said.
Related content
