Oil giant Shell beats second-quarter profit expectations

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Oil giant Shell beats second-quarter profit expectations

The Shell logo is displayed outside a petrol station in Radstock in Somerset, England, on Feb. 17, 2024.

Matt Cardy | Getty Images News | Getty Images

British oil giant Shell on Thursday posted stronger-than-expected second-quarter profit after issuing a warning over lower fossil fuel prices and refining margins.

The oil and gas major reported adjusted earnings of $6.3 billion for the three-month ******* through to the end of June, beating analyst expectations of $5.9 billion, according to estimates compiled by LSEG.

Shell had posted adjusted earnings of $7.7 billion for the first three months of this year and $5.1 billion in the second quarter of 2023.

Shell recently

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that it expected to take an impairment charge of up to $2 billion after the ***** of its Singapore refinery and the suspension of on-site construction at its Rotterdam plant in the Netherlands.

In an update published July 2, Shell

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it would temporarily pause on-site construction at its 820,000 metric ton a year biofuels facility in Rotterdam “to address project delivery and ensure future competitiveness given current market conditions.”

Shell

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in early May that it had agreed to sell its refinery and petrochemical assets in Singapore to a ****** venture of Indonesian petrochemical firm PT Chandra Asri and Swiss-based trading house Glencore.

The transaction, which is expected to be completed by the end of the year, was

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as part of CEO Wael Sawan’s plans to lower Shell’s carbon footprint and focus on its most profitable businesses.

London-listed shares of the company have climbed more than 10% so far this year, outperforming ********* peers.

British rival BP on Tuesday increased its dividend and extended its share repurchasing program on the back of stronger-than-expected earnings.

U.S. oil giants Exxon Mobil and Chevron are both scheduled to report second-quarter results on Friday.

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