Shell profits fall as trading hit by volatile markets
Nevertheless, profits in the second quarter of the year were ahead of analyst expectations.
Shell added that income attributable to shareholders was 23% lower, due to the effect of 'lower trading and optimisation margin' and decreasing energy prices.
The firm said it was also impacted by a charge of 509 million dollars (£383 million) related to the UK energy profits levy.
Wael Sawan, chief executive of Shell, said: 'Shell generated robust cash flows reflecting strong operational performance in a less favourable macro environment.
'We continued to deliver on our strategy by enhancing our deep-water portfolio in Nigeria and Brazil, and achieved a key milestone by shipping the first cargo from LNG (liquified natural gas) Canada.
'Our continued focus on performance, discipline and simplification helped deliver 3.9 billion dollars (£2.9 billion) of structural cost reductions since 2022, with the majority delivered through non-portfolio actions.
'This focus enables us to commence another 3.5 billion dollars (£2.6 billion) of buybacks for the next three months, the 15th consecutive quarter of at least 3 billion dollars in buybacks.'
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