Shell plc has announced its financial results for the second quarter of 2024, reporting $6.3 billion (£4.9bn) in adjusted earnings.
The company also announced a new $3.5 billion (£2.7bn) share buyback programme set to be completed by the third quarter results announcement.
Cash flow from operations (CFFO) for the quarter was $13.5 billion (£10.5bn), including a working capital outflow of $0.3 billion (£0.2bn).
Structural cost reductions of $0.7 billion (£0.5bn) were achieved in the first half of 2024, contributing to a total of $1.7 billion (£1.3bn) since 2022.
The cash capital expenditure outlook for 2024 remains unchanged at $22-25 billion (£17-19.5bn).
Shell Chief Executive Officer Wael Sawan said: “Shell delivered another strong quarter of operational and financial results. We further strengthened our leading LNG portfolio, and made good progress across our Capital Markets Day 2023 financial targets, including $1.7 billion (£1.3bn) of structural cost reductions since 2022.
“Today, we have also announced a further $3.5 billion (£2.7bn) buyback programme for the next three months. We continue to demonstrate that we are delivering more value with less emissions.”
