LONDON (dpa-AFX) - Oil and gas major Shell Plc (SHEL, SHELL.AS, SHEL.L) reported Thursday significantly higher profit in its second quarter, benefited mainly by higher realised prices, partially offset by lower volumes primarily due to Middle East conflict impacts on Qatari volumes and reduced Lubricants margins.
Further, Shell announced the commencement of a share buyback programme, comprising $3.0 billion of new share buybacks, plus $1.2 billion of share buybacks not undertaken during the previous programme. The program is expected to be completed by the third quarter 2026 results announcement. Shell in June had temporarily suspended the previous $3.0 billion programme.
In the second quarter, income before taxation reached $15.75 billion, compared with $5.98 billion in the prior year period. Income attributable to Shell shareholders surged to $10.82 billion from prior year's $3.60 billion. Earnings per share came to $1.92, up from $0.60 last year.
The latest results included a net gain of $0.4 billion, compared to a net loss of $2.4 billion last year.
Adjusted Earnings totaled $9.84 billion against $4.26 billion in the comparable period. Adjusted Earnings per share reached $1.76, compared with $0.72 previously.
Adjusted EBITDA was $20.71 billion, higher than prior year's $13.31 billion.
Total revenue and other income reached $96.35 billion, up from $66.44 billion a year ago. Revenue for the period totaled $94.66 billion, compared with $65.41 billion last year.
Oil and gas production available for sale declined to 2,455 thousand boe/d from 2,682 thousand boe/d in the prior year.
Looking ahead for the third quarter, Integrated Gas production is expected to be approximately 570-630 thousand boe/d, with LNG liquefaction volumes expected at approximately 7.1-7.7 million tonnes. Third-quarter 2026 outlook excludes volumes from ARC Resources Ltd. and Qatar.
Upstream production is expected at approximately 1,680-1,880 thousand boe/d. Marketing sales volumes are expected at approximately 2,550-2,750 thousand b/d.
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