Shell More Than Doubles Net Profit as Middle East Crisis Boosts Energy Prices - Bazaar Times
LONDON— Energy giant Shell reported a sharp increase in second-quarter earnings, with net profit more than doubling from a year earlier as heightened geopolitical tensions in the Middle East drove oil and. . .
LONDON— Energy giant Shell reported a sharp increase in second-quarter earnings, with net profit more than doubling from a year earlier as heightened geopolitical tensions in the Middle East drove oil and natural gas prices higher and created lucrative trading opportunities. Shell postedadjusted earnings of $9. 84 billionfor the April–June period, comfortably beating analysts’ expectations of$8. 9 billionand marking the company’ssecond-highest quarterly profit on record. The strong performance was fueled by elevated crude oil and natural gas prices, robust liquefied natural gas (LNG) and oil trading, and stronger refining and chemicals margins. The company benefited from price volatility triggered by the ongoing conflict involving Iran, despite facing production disruptions at its Pearl gas-to-liquids facility in Qatar. Shell offset lower gas output through stronger trading operations and increased refinery utilization, with refineries operating at102% of capacityto capitalize on strong demand for refined products, particularly jet fuel. Shell also announced it will maintain its$3 billion share buyback programfor the next quarter while continuing to strengthen its balance sheet. Net debt declined to$41. 8 billion, reflecting solid cash generation during the period. Chief ExecutiveWael Sawansaid the company demonstrated resilience amid challenging geopolitical conditions, highlighting the importance of Shell’s diversified portfolio and global trading capabilities in navigating market volatility. The results underscore how major international energy companies have benefited from higher commodity prices and increased market volatility, even as geopolitical tensions continue to disrupt production and global supply chains. Source: Patronlar Dünyası/ Prepared by: İlayda GökRead Next09/05/2024The reserves of the Central Bank reached approximately 126. 9 billion dollars04/12/2025IFC Backs $100 Million in Akbank’s World-First Blockchain-Based Digital Gender Bond20/02/2024New fintech established with an investment of ₺150 million from Fuzul Holding: Rubikpara28/12/2020Turkey’s service sector export up to $65B as of 2019