SHEL Shell Plc

1120 GMT - Shell is among the most mentioned companies in the news over the past six hours, according to Factiva data, after the energy major posted a trading update ahead of interim results later in the month. Shell said it expects a large working-capital release in the range of $2 billion to $6 billion in the second quarter. Analysts say this should embolden investors who believe Shell's first half-year run-rate of buybacks will continue, despite the softening market conditions. "With the macro weakening, this should help net debt decline quarter-on-quarter, which in turn, should give investors confidence around the trajectory of gearing and Shell's statements on "at least $5 billion" buybacks in the second half-year," RBC Capital Markets analyst Biraj Borkhataria wrote in a note. Shell said its second-quarter upstream production fell on quarter to 1.7 million-1.8 million barrels of oil equivalent a day compared with 1.9 million BOE a day in the first quarter, which was largely anticipated, Borkhataria says. Shell's weaker trading on-quarter in its integrated gas unit was also unsurprising, given the strong first three months of the year, UBS analysts Henri Patricot and Christabel Kelly says in a note. Dow Jones & Co. owns Factiva. (christian.moess@wsj.com)

(END) Dow Jones Newswires

July 07, 2023 07:35 ET (11:35 GMT)

Shell (LSE:SHEL)
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