{"id":1983916,"date":"2023-07-27T07:56:02","date_gmt":"2023-07-27T11:56:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shells-profits-tumble-56-to-5-billion-as-energy-prices-cool\/"},"modified":"2023-07-27T07:59:23","modified_gmt":"2023-07-27T11:59:23","slug":"shells-profits-tumble-56-to-5-billion-as-energy-prices-cool","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shells-profits-tumble-56-to-5-billion-as-energy-prices-cool\/","title":{"rendered":"Shell&#8217;s profits plummet by 56% to $5 billion due to declining energy prices."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fshells-profits-tumble-56-to-5-billion-as-energy-prices-cool%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1983916&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>By Ron Bousso and \u200bShadia Nasralla<\/p>\n<p>LONDON \u200c(Reuters)\u200d -Shell on Thursday reported a \u206456% fall in second-quarter\u200b profit to \u200c$5 billion as oil \u200cand gas\u2063 prices and refining profit margins fell, prompting the energy giant to slow \u200bits share repurchase programme.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The earnings, which missed forecasts, follow\u200c bumper earnings in 2022 after energy prices surged in the \u2062wake of Russia\u2019s invasion of Ukraine, \u2062but were in line with its second-quarter performance two\u200d years\u200d ago.<\/p>\n<p>Shell said \u200bit would repurchase $3 \u2062billion in shares over the \u2064next three months, down from $3.6\u200b billion in the\u200b previous three,\u200d while raising its dividend to $0.33 per share as previously announced in June.<\/p>\n<p>In June, Shell announced it would buy back at least $5 billion in \u2062shares in the\u200b second half of the year. On\u200d Thursday it \u2062said\u200c buybacks of at\u200d least $2.5 billion will \u200cbe announced at \u200dits third-quarter results.<\/p>\n<p>\u201cWe \u200dwill continue to prioritise share buybacks, given the value that our\u200c shares\u2064 represent,\u201d Chief Executive Officer \u2063Wael\u200d Sawan said in a statement.<\/p>\n<p>Shell\u2019s adjusted\u200d earnings of \u2062$5.<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shells-profits-tumble-56-to-5-billion-as-energy-prices-cool\/\" title=\"Shell's profits plummet by 56% to  billion due to declining energy prices.\">073 billion missed company-provided analyst forecasts<\/a>\u200c of $5.8 billion.<\/p>\n<p>The results\u2062 compared\u200b with record\u200d quarterly earnings of $11.5 billion a year earlier and $9.65 billion in the first \u2062quarter of \u200c2023.<\/p>\n<p>In \u2063June, Sawan outlined plans to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hsbc-kicks-off-informal-investor-talks-for-indonesian-business-ipo-sources-2\/\" title=\"HSBC kicks off informal investor talks for Indonesian business IPO \u2013 sources\">boost shareholder returns<\/a> and\u200c improve\u2064 performance, including by keeping oil output steady, \u200dgrowing \u2064natural gas output and slowing down investments in\u200c lower-return renewable energy. <\/p>\n<p>Shell\u2062 shares were down 1.7% by 0730 GMT, compared\u2064 with a\u2064 1% decline\u2063 for the broader European energy index.<\/p>\n<p>\u201cA fairly disappointing set \u2062of 2Q numbers\u201d\u200c due to lower-than-expected \u2062earnings from the \u2062upstream and chemicals\u200d divisions as well \u2062as weaker third-quarter guidance, \u2064Jefferies analyst Giacomo Romeo \u200cwrote in a note.<\/p>\n<p>French rival TotalEnergies and Norway\u2019s Equinor reported a similar drop\u200c in \u2064profits.<\/p>\n<p>WEAKER QUARTER<\/p>\n<p>The lower results \u200dmainly reflected lower liquefied natural gas (LNG) trading results, lower\u200c oil and gas prices, lower refining margins,\u200b and lower sales volumes,\u200c compared with the previous quarter, Shell said.<\/p>\n<p>Oil and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/don-lemon-praises-slightly-lower-gas-prices-amid-bidens-push-for-better-press\/\" title=\"Don Lemon Praises Slightly Lower Gas Prices Amid Biden\u2019s Push For Better Press\">gas prices soared<\/a> last\u2064 year in\u2063 the wake \u2064of Russia\u2019s invasion of Ukraine but energy prices have dropped sharply \u2062this year as fears of shortages have \u2064eased.<\/p>\n<p>Benchmark Brent crude prices averaged $80 a barrel in the\u2063 second quarter of 2023,\u200c down from $110 a year earlier. <\/p>\n<p>LNG prices dropped to \u200b$11.75 per million\u200c British thermal units (mmBtu) \u200bfrom around $33.<\/p>\n<p>Shell, the world\u2019s top LNG trader, said earnings from its flagship division halved from the \u200dprevious quarter due to a weaker performance of its trading division.<\/p>\n<p>Shell reduced its debt pile to $40.3\u2062 billion by the end \u2063of the second quarter, \u200bdown from $44.2 billion three months earlier, cutting its debt-to-capital ratio, known\u200d as\u2063 gearing, \u200bby one percentage point to 17%.<\/p>\n<p>  \u200b(Reporting by Ron Bousso\u200d and \u2062Shadia Nasralla; editing\u2064 by Christina Fincher and Jason Neely)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/shells-profits-tumble-56\/attachment\/file-photo-lng-2023-energy-trade-show-in-vancouver\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p> At least six people are \u2062injured\u200b after a Manhattan construction \u200ccrane catches fire \u2064and plummets 45 stories.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Hunter\u2019s Plea Deal is struck down while Mitch McConnell \u2064shows he\u2019s 81.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The Federal Reserve resumed its aggressive rate hikes to tackle inflation, raising the interest rate by a quarter-point today.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>South Carolina Congressman Ralph Norman tells One America\u2063 News that there is \u2064enough evidence and the time\u200d has come\u200d for a House-initiated impeachment of Joe Biden.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Alexander Marrow and Gleb \u200bStolyarov (Reuters) -Russian\u2062 tech giant Yandex reported a 27% fall in second-quarter net profit\u200b on Thursday \u200bas\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Alexander Marrow and \u2064Gleb Stolyarov (Reuters) -Russian tech giant Yandex reported a 27% fall in second-quarter net profit on Thursday as\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>DUBLIN (Reuters) \u2013 Digital rights group\u2063 NOYB on Thursday filed a complaint against Ryanair, alleging that the airline is violating customers\u2019 data\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>DUBLIN (Reuters) \u2013 Digital rights group NOYB on Thursday filed a complaint against Ryanair, alleging that the airline is violating customers\u2019 data\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Shell&#8217;s second-quarter profit dropped by 56% to $5 billion due to declining oil and gas prices and refining profit margins. As a result, the company has decided to reduce its share repurchase program. These earnings fell short of expectations, following a period of strong earnings in 2022 due to high energy prices.<\/p>\n","protected":false},"author":66,"featured_media":1983917,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1983916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1983916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1983916"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1983916\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1983917"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1983916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1983916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1983916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}