Shell PLC (LSE:SHEL, NYSE:SHEL) second quarter results, as expected, revealed the full heft of its earnings in the current environment of high oil and gas prices.
Income attributable to shareholders reached just over US$18bn for the second quarter, up from US$7.1bn in the prior three-month period.
Year-on-year it represents a 154% rise, versus what now reads as a paltry US$3.42bn.
Cash flow from operations came in at US$18.6bn for the three months ended June 30, and, free cash flow was marked at US$12.4bn.
Reported at US$23.1bn, adjusted earnings were up 22% year-on-year, and statutory earnings (EBITDA) totalled US$11.4bn - a 26% improvement on last year’s second quarter.
Shell lifted the lid on a number of investment programmes aimed at delivering new gas supplies – with projects in the UK (the Pierce and Jackdaw fields), Australia (Crux off Western Australia), Qatar (LNG expansion) and a new hydrogen hub in the Netherlands (Holland Hydrogen 1).
It said capex for 2022 will be between US$23bn to US$27bn.
“We are using our financial strength to invest in secure energy supplies which the world needs today, taking real, bold steps to cut carbon emissions, and transforming our company for a low-carbon energy future,” said chief executive Ben van Beurden.
“And, crucially, our ‘powering progress’ strategy is delivering strong results for our shareholders on the back of years of portfolio high grading, combined with robust operational performance.”
Shell today launched its latest share buy-back programme, to repurchase a further US$6bn of equity before October 27 (when it will report on its third quarter).