British oil major Shell reported adjusted net profit of $9.84 billion for the second quarter, more than doubling from $4.26 billion a year earlier and beating market expectations of $8.92 billion. Rising energy prices and increased market volatility amid the Middle East conflict contributed to the result, with integrated gas earnings up 55 percent to $2.7 billion and chemicals and products earnings at $2.3 billion, both significantly exceeding forecasts. Net debt fell to $41.8 billion from $52.6 billion at the end of the first quarter, lowering the gearing ratio to 18.7 percent. The company plans to maintain the pace of share buybacks, setting the next three-month programme at $3 billion.
Shell plcAdjusted net profit more than doubled to $9.84B, beating expectations, and net debt fell.