Shell has recorded second quarter net profits at $4.69bn, a 30% increase compared with the same period last year.
Net income attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, and excluding identified items, was up from $3.6bn seen in the second quarter 2017.
Cash flow from operating activities for the second quarter 2018 was $9.5bn, which included negative working capital movements of $2.1bn, compared with $11.3bn in the second quarter 2017, which included positive working capital movements of $2.5bn.
The company said the earnings “reflected increased contributions from Integrated Gas and Upstream, partly offset by lower earnings in Downstream.”
Shell also announced a share buyback programme of at least $25bn in the period 2018-2020, subject to further progress with debt reduction and oil price conditions. In the first tranche of this programme Shell enters into an irrevocable, non-discretionary arrangement to enable the purchase of A ordinary shares and/or B ordinary shares up to the maximum aggregate consideration of $2bn over a period of 3 months.
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26th July 2018