Shell profits hit $14bn amid shift back to oil and gas

Shell profits hit $14bn amid shift back to oil and gas

Shell profits hit $14bn (£10.9bn )in the first half of the year as the energy giant accelerated its shift away from renewables back to oil and gas.

The FTSE 100 listed company announced a better than expected $6.3bn (£4.9bn) of adjusted earnings during the second quarter of the year.

It also announced it was extending its share buyback plan of $3.5bn over the next three months.

Half year and second quarter profits were down compared to the same period’s last year.

The profits come after Shell halted construction work at one of Europe’s largest biofuel plants, taking a $1bn (£780m) hit in the process and dealing a blow to airlines’ hopes of offering passengers low-carbon flights.

Chief executive Wael Sawan said: “Shell delivered another strong quarter of operational and financial results.”

He added: “We continue to demonstrate that we are delivering more value with less emissions.”

Published: 01-08-2024