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Shell Plc Q2 Adj. Profit Rises

Shell Plc (SHEL) reported that its second quarter adjusted earnings increased to $11.47 billion from $5.53 billion, prior year. Adjusted earnings per share was $1.54 compared to $0.71. CCS earnings attributable to shareholders was $16.68 billion compared to $2.63 billion.

Income attributable to shareholders increased to $18.04 billion from $3.43 billion, previous year. The Group noted that its second quarter 2022 income attributable to shareholders included post-tax net impairment reversals of $4.3 billion following the revision of Shell's mid- and long-term commodity price assumptions reflecting the current energy market demand and supply fundamentals, and net mark-to-market gains of $1.0 billion. Earnings per share was $2.40 compared to $0.44.

Second quarter revenue increased to $100.06 billion from $60.51 billion, previous year. Total revenue and other income was $103.08 billion compared to $61.76 billion.

The Board of Shell plc announced an interim dividend in respect of the second quarter of 2022 of $0.25 per ordinary share.

Shell plc also announced the commencement of a $6 billion share buyback programme covering an aggregate contract term of approximately three months. The purpose of the programme is to reduce the issued share capital. All shares repurchased as part of the programme will be cancelled.

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