Shell Q2 profit doubles to $9.84B

Shell plc reported a second-quarter net profit of $9.84 billion, more than double the $4.26 billion from a year earlier and beating analyst expectations of $8.92 billion. The strong performance was driven by higher oil and gas prices, increased volatility from the U.S.-Israeli war with Iran, and robust trading results. Shell's integrated gas business posted $2.7 billion in profit, up 55% year-on-year, while its chemicals and products unit surged to $2.3 billion from $118 million. The company maintained its share buyback program at $3 billion per quarter and reduced net debt to $41.8 billion. However, gas production fell 31% due to the attack on its Pearl GTL plant in Qatar, which remains offline for repairs expected to take a year. Shell's refineries ran at 102% capacity, and jet fuel production rose 20%. The Middle East conflict has disrupted the Strait of Hormuz and Red Sea shipping, but Shell offset losses with output from Canada, Nigeria, Australia, Brazil, and the Gulf of Mexico naming controversy. CEO Wael Sawan highlighted operational performance amid severe market disruption.