SHEL Shell Plc

   By Christian Moess Laursen 
 

Shell said Thursday that second-quarter earnings fell, and launched a $3 billion share buyback program.

The multinational energy major said adjusted earnings fell to $5.07 billion in the quarter, down from the record-high $11.47 billion in the same period a year prior, and missing market consensus of $5.58 billion, polled from 23 analyst-estimates by Vara Research.

Cash flow from operations--measure of the cash a company generates from normal business operations--rose 7% to $15.13 billion, above market consensus' $14.62 billion.

Net income dropped 64% to $3.13 billion.

The FTSE 100 group said it has launched a $3 billion buyback program set to complete by the third-quarter results announcement.

Shell's second-quarter integrated gas production was 985,000 oil-equivalent barrels a day, while liquefied natural gas volumes were 7.2 million tons, and upstream production was 1.7 million barrels of oil equivalent a day. This was in line with Shell's expectations.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

July 27, 2023 02:52 ET (06:52 GMT)

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