Shell Profit Surges as Oil Trading and Refining Margins Boom

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Or sign-in if you have an account.(Bloomberg) — Shell Plc said its second-quarter profit jumped on the back of an oil-refining boom and another robust period for energy trading as the Iran war upended the makret. 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That marked the highest quarterly profit since 2022 and beat the $8.7 billion average analyst estimate compiled by Bloomberg. The company kept its $3 billion quarterly share buyback and net debt fell.The Iran war given Shell and other oil giants a short-term financial fillip, with the rewards from trading and refining far outweighing any disruption they’ve has suffered. Having completed a multi-year period of cost cutting, streamlining and prioritizing shareholder returns, Shell Chief Executive Officer Wael Sawan now he needs to show he can replenish the company’s long-term reserves base. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe quarter was dominated by heightened volatility across global energy markets after fighting between the US and Iran disrupted oil and gas shipments through the Strait of Hormuz. As well as lifting the majors, the war also boosted the world’s top commodity merchants.Fuel prices have soared far above crude oil, boosting margins, and trading has given European majors an even bigger boost.Shell ran its refineries hard in the period at a 102% utilization rate, the highest level since at least 2022 when the company changed its methodology for the measurement to align more closely with industry disclosures. Globally, Shell said its jet fuel production was up 20% compared to the same quarter last year.Still, the conflict has also hurt Shell. Europe’s largest energy company reported a 31% production decline from its integrated gas division compared to the same quarter last year, driven by disruption in Qatar. Shell is the world’s biggest LNG trader.Sawan said on Bloomberg TV that reopening its Qatar plant was offline pending the ability to export product. —With assistance from Grant Smith.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.