Shell triples profits in second quarter on rise in oil prices
It also reports a huge recovery in cash flow and a drop in debt as its cost-reduction efforts pay off
London — Royal Dutch Shell more than tripled its profits in the second quarter to beat forecasts, boosted by strong refining operations and a rise in oil prices. The Anglo-Dutch oil and gas company also reported a huge recovery in cash flow to $12.2bn and a drop in debt as its cost-reduction efforts in recent years paid off. It has sold some $25bn of assets since acquiring BG Group last year. The strong results came despite a dip in oil and gas production compared to the previous quarter as a result of reduced output from a facility in Qatar. "The external price environment and energy sector developments mean we will remain very disciplined, with an absolute focus on the four levers within our control," CEO Ben van Beurden said. Shell reiterated its plans to spend about $25bn this year, at the lower end of its long-term range, as oil prices struggle to rise. Net income attributable to shareholders in the second quarter, based on a current cost of supplies and excluding exceptional i...
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