---
title: "Shell profits increase to $6.3bn during the second quarter"
publisher: "Stockmark.IT"
author: "Stockmark.IT Website"
published: "2024-08-01T13:53:38+00:00"
modified: "2024-08-01T13:53:38+00:00"
date: 2024-08-01
canonical: "https://stockmark.it/shell-profits-increase-to-6-3bn-during-the-second-quarter/"
category: "Companies"
categories: ["Companies"]
image: "https://i0.wp.com/stockmark.it/wp-content/uploads/2023/01/shell-st-2.jpg?fit=800%2C400&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Shell profits increase to $6.3bn during the second quarter

**Published:** August 1, 2024
**Author:** Stockmark.IT Website
**Categories:** Companies
**Featured image:** ![A brightly lit Shell petrol station sign with the iconic red and yellow shell logo is seen at night against a dark sky. @ stockmark.it](https://i0.wp.com/stockmark.it/wp-content/uploads/2023/01/shell-st-2.jpg?fit=800%2C400&quality=89&ssl=1)

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Shell, a London-listed competitor of BP, has reported better-than-expected profits and extended its multi-billion dollar share buyback program.

The adjusted profits of Europe’s largest oil and gas company increased by 24 per cent during the second quarter to $6.3 billion, from $5.1 billion. This was ahead of expectations of $6 billion.

The shareholders were rewarded by a further $3.5billion in share buybacks until the end of September. This is the eighth quarter in a row that the company announced buybacks between $3 billion and $4 billion. The company also announced a dividend of 34.4 cents for the second quarter, up from 33.1 cents in the previous year.

Shell’s chief executive Wael Sawan said that the company “deliver[ed] another strong quarter in terms of financial and operational results”.

The integrated gas business’ profits, which include its secretive trading arm of gas, increased by 7 percent to $2.7 billion from $2.5 billion the year before. The sales of liquefied gas boosted the result which was above analyst expectations.

The adjusted profit for oil and gas production also exceeded expectations, rising to $2.3 billion from $1.7 billion.

Shell’s earnings were hit by almost $800m due to the suspension of work on , one of Europe’s largest biofuel plants. The chemicals division also suffered a $708b impairment related to the sale of Singapore refineries.

Sawan, the new chief executive who assumed his role at the beginning of last year, has scaled back several clean energy projects. Shell has since then stopped investing in battery storage and renewable energy.

Sawan, 49 years old, has promised to be “ruthless”, improving performance, and focusing capital in the most profitable areas of the business. This includes oil and gas.

The oil giant’s shares are valued at a lower level than its American competitors, despite a 21 percent rise in the last 12 months. This has raised questions about whether Sawan would lead it to move its London listing to New York to try to close this valuation gap.

This year, the capital expenditure target for this fiscal year is between $22 and $25 billion.

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