LONDON: Shell reported a 19% quarter-on-quarter drop in profit to $6.3 billion on Thursday reflecting weaker refining margins and oil and gas trading, though still beat analysts’ forecasts.
The British company also said it would buy back a further $3.5 billion in shares over the next three months, at a similar rate to the previous quarter.
It kept its dividend unchanged at 34 cents per share.
Shell’s second-quarter adjust earnings, its definition of net profit, exceeded analysts’ expectations of $6 billion.
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They rose from $5.1 billion a year earlier but were lower than the $7.7 billion profit Shell booked in the first quarter.
The quarter-on-quarter fall reflected lower prices and sale volumes as well as weaker trading at Shell’s flagship liquefied natural gas division, which were a result of seasonally lower demand.
Lower refining margins and weaker oil trading also weighed on the results.
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