Shell profits hit as oil and gas prices fall

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Shell reported its lowest quarterly earnings in almost two years after oil and gas prices and refining margins all fell.

The UK headquartered group, which is Europe’s largest oil and gas company, posted adjusted earnings of $5.1bn in the second quarter, missing average analyst estimates of $5.6bn.

Although broadly in line with the $5.5bn Shell reported in the same period in 2021, it was less than half the record $11.5bn the company made in the second quarter of 2022 at the height of the energy crisis.

The biggest decline came in Shell’s integrated gas business where earnings almost halved to $2.5bn from $4.9bn in the first three months of the year.

This is a developing story.