Shell’s adjusted earnings nearly doubled from $5.43 billion to $10.81 billion, exceeding the $9.92 billion expected by analysts according to the LSEG consensus. Indicative refining margins reached $42 per barrel, surpassing the previous record of $28.04 per barrel in the second quarter of 2022. Free cash flow rose to $16.3 billion, while net debt fell to $39.7 billion. Shell increased its share buyback programme to $5 billion from $3 billion in the previous quarter, and its London-listed shares gained around 3%. TotalEnergies also more than doubled its adjusted net income to $9.1 billion amid geopolitical tensions, Brent crude trading near $114 per barrel, and a shortage of global refining capacity.
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