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.

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