INSUBCONTINENT EXCLUSIVE:
Shell's shares closed 0.5 per cent lower, compared with a 1 per cent decline in the broader European energy index
| Photo: Reuters3 min read Last Updated : Aug 01 2024 | 11:21 PM IST
Shell reported second-quarter profit of $6.3 billion, a drop of 19
per cent from the previous three months as refining margins and oil and gas trading weakened, though still beating analysts'
oil and gas companies are turning in lower refining margins in Europe this quarter after two years of stellar profits.
On Tuesday, BP
raised its dividend by 10 per cent after forecast-beating earnings of $2.8 billion
Shell has scaled back renewables and hydrogen operations, retreated from European and Chinese power markets and sold refineries in order to
underscoring its bet on rising demand for the fuel
resilient quarter from Shell, which marks four in a row of earnings coming in above market expectations," RBC Capital Markets analyst Biraj
at Shell's flagship LNG division, which were a result of seasonally lower demand
It also took a $783-million impairment after it paused construction of one of Europe's largest biofuel plants a year before it was planned
maintenance schedule, Shell said.(Only the headline and picture of this report may have been reworked by the Business Standard staff; the
rest of the content is auto-generated from a syndicated feed.)First Published: Aug 01 2024 | 11:21 PMIST
