Shell Reports Strong Q2 Results, Will Invest In Secure Energy Supplies

Shell Reports Strong Q2 Results, Will Invest In Secure Energy Supplies

/ Financial News / Thursday, 28 July 2022 12:36

Shell plc released its second quarter results and second quarter interim dividend announcement for 2022.

The company reported a robust operational performance in “turbulent economic environment” with adjusted earnings of $11.5 billion in Q2 2022 compared to $5.53 billion same period last year; Adjusted EBITDA of $23.1 billion in Q2 2022 versus $19.0 billion in Q1 2022. Net income was $18.04 billion, compared with $7.12 billion in the first quarter.

Share buybacks of $6 billion are expected to be completed by Q3 2022 results.

The Board of Shell plc announced an interim dividend in respect of the second quarter of 2022 of $0.25 per ordinary share.

In the first half of 2022 shareholder distributions doubled from those in the first half of 2013, a decade ago, when Brent prices were similar, with increased discipline, integrated value delivery and improved resilience driving better results, the company said.

To strengthen energy security, natural gas investments were made in Pierce and Jackdaw (UK), participation in the North Field LNG expansion (Qatar) and Crux FID (Australia).

Looking ahead for the future of energy, final investment decision for Holland Hydrogen I (Netherlands) and progressing the completion of the acquisition of Sprng Energy (India) is underway.

Disciplined cash capex is expected to be in the $23 - 27 billion range in 2022.

Commenting on the results, Chief Executive Officer, Ben van Beurden said, "With volatile energy markets and the ongoing need for action to tackle climate change, 2022 continues to present huge challenges for consumers, governments, and companies alike. Consequently, we are using our financial strength to invest in secure energy supplies which the world needs today, taking real, bold steps to cut carbon emissions, and transforming our company for a low-carbon energy future.”

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