Shell Q2 profit rockets to $18 billion on high oil prices
British energy giant Shell said Thursday that its net profit soared more than five-fold to $18 billion in the second quarter, fuelled by resurgent oil and gas prices, and rewarded shareholders with another bumper buyback.
The surge in profits in the three months to June was partially attributable to a reversal of $4.3 billion in impairments after the company raised its forecasts for the gas and oil market.
“We delivered strong financial results,” said chief executive Ben van Beurden alongside the results statement.
The London-listed energy major announced a $6-billion share buyback programme, having already returned $8.5 billion to shareholders.
