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Shell’s adjusted earnings surge to $9.84B on higher energy prices

Shell reported free cash flow of $17.524 billion in the second quarter, up from $6.531 billion a year earlier.

Reported · Written up by our desk · Energy

Shell reported adjusted earnings of $9.84 billion for the second quarter, more than double the $4.26 billion it posted in the same period last year and above analyst expectations.

The company attributed the jump to higher realized oil and gas prices, stronger crude, fuel and LNG trading profits, rising chemicals margins, and record refinery utilization.

Shell said refinery utilization averaged 102% in April to June, compared with 99% in the first quarter, and that its global indicative refining margin rose to $24 per barrel from $17.

The supermajor also said free cash flow increased to $17.524 billion for the quarter, from $6.531 billion a year earlier, despite lower LNG volumes linked to the Middle East conflict affecting production in Qatar.

Latest closeWTI crude $84.41 ▲6.5%

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