Shell Q2 profit slides to US$6.3bil on weaker trading

Quick Summary:

LONDON: Shell reported second-quarter profit of $6.3 billion, a drop of 19% from the previous three months, as refining margins and oil and gas trading weakened, though still beating analysts' forecasts.

On Tuesday, BP raised its dividend by 10% after reported forecast-beating earnings of $2.8 billion.

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 to go online, citing weak market conditions.

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Category: EconomyBusiness

Markets: MalaysiaFranceSingapore

Topics: Shell Oil and gas Energy Corporate News /Business/Business News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-01 @ 15:35:00 (6 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 406 words

Reading Time: 3 minutes read

Sentences: 18 lines

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News ID: 21883323

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