Shell Q2 Pre-tax Profit, Revenues Down; Plans $3.5 Bln Share Buyback

(RTTNews) - Oil and gas major Shell Plc (SHEL, SHEL.L) reported Thursday higher net profit in its second quarter, while pre-tax profit declined amid weak revenues.

Further, Shell announced a share buyback programme of $3.5 billion covering an aggregate contract term of approximately three months, which is expected to be completed by the third quarter 2025 results announcement.

On the London Stock exchange, Shell shares were trading at 2,733.50 pence, up 2.03 percent.

Looking ahead for the third quarter, integrated Gas production is expected to be approximately 910 - 970 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.7 - 7.3 million tonnes.

Upstream production is expected to be approximately 1,700 - 1,900 thousand boe/d, and Marketing sales volumes are expected to be approximately 2,600 - 3,100 thousand b/d.

In the second quarter, income before taxation dropped to $5.98 billion from last year's $7.40 billion. However, income attributable to shareholders grew to $3.60 billion from prior year's $3.52 billion, due to lower taxation charges. Earnings per share were $0.60, higher than $0.55 a year ago.

Adjusted earnings per share were $0.72, compared to $0.99 a year ago.

Revenue for the quarter declined to $65.41 billion from last year's $74.46 billion.

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