Shell's Profit Sinks on Oil and Gas Price Declines
07.31.2023 By TankTerminals.com - NEWS

July 31, 2023 [Investopedia] – American Depositary Receipts (ADRs) of Shell Plc (SHEL) dropped after the energy giant reported earnings dropped by more than half, hurt by falling oil and gas prices.

 

Shell posted fiscal 2023 second quarter profit of $5.07 billion, below analysts’ estimates. A year ago, earnings were $11.5 billion, and they were $9.6 billion in the first quarter.

Shell. “Second quarter 2023 results – July 27, 2023.”

The company said that results were impacted by lower oil and gas prices, refining margins, volumes, and liquid natural gas trading and optimization results.

After trading at around $82 a barrel in early April, crude futures slumped to as low as $66 a barrel in June.

Shell CEO Wael Sawan said the company was “delivering” on its previously announced 15% increase in its quarterly dividend to $0.331 from $0.2875, and would have a new $3 billion stock buyback program to run over the next three months, pending board approval.

ADRs of Shell Plc declined over 1% on Thursday morning after hitting a four-year high on Monday.

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

First Oil at Shell Brasil FPSO
11.05.2024 - NEWS
November 05, 2024 [Tank Storage Magazine]- Shell Brasil has announced the start of production of ... Read More
Maersk Enters Long-Term Green Methanol Agreement with LONGi to Lower Fleet Emissions
11.05.2024 - NEWS
November 05, 2024 [Chemanalyst]- Maersk has secured a long-term bio-methanol offtake agreement wi... Read More
JERA Finalises Major Australian Acquisition of 15.1% Participating Interest in Woodside Energy’s Scarborough Gas Field Project
11.05.2024 - NEWS
November 05, 2024 [Jera]- JERA Co., Inc. (JERA), a global energy company and Japan’s largest pr... Read More
INEOS Announces Closure of INEOS ABS Facility
11.05.2024 - NEWS
November 05, 2024 [INEOS Styrolution]- INEOS has today announced its decision to permanently clos... Read More