Shell beats profit expectations, plans share buyback program, warns of potential impairment charge

From CNBC: 2024-08-01 02:42:26

British oil giant Shell posted stronger-than-expected second-quarter profit of $6.3 billion, beating estimates of $5.9 billion. Profits were down 19% from the first quarter, prompting a $3.5 billion share buyback program. CEO Wael Sawan reported significant improvements in cost reduction and operational performance, halfway through the company’s value-focused journey.

Shell warned of a potential $2 billion impairment charge after selling a Singapore refinery and halting construction in Rotterdam. The company aims to lower its carbon footprint and focus on profitable businesses, evident in the climb of London-listed shares by over 10% this year, outperforming European peers. US oil giants Exxon Mobil and Chevron are set to report earnings.



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