Shell tops forecasts as higher prices drive strong Q2 profit growth
By Benjamin Chiou
Date: Thursday 30 Jul 2026
(Sharecast News) - Energy major Shell has launched a $3bn share buyback after more than doubling profits in the second quarter as oil prices soared and upstream production hit record levels in Brazil.
The company reported adjusted earnings of $9.84bn for the three months to 30 June, ahead of the $6.92bn recorded in the first quarter and the $4.26bn reported the year before.
This was the oil giant's best quarterly performance since the second quarter of 2022. Analysts had expected a figure closer to $8.79bn.
Cash flow from operations reached $21.43bn, up from $11.94bn the year before, helped by higher realised prices and a working capital inflow of $3.4bn.
In the Upstream business, the realised liquids price was $89 a barrel in the second quarter, up from $72 in the first, while the realised gas price was $8.3 thousand scf, up from $6.9 thousand scf three months before.
"Shell's operational performance enabled very strong results during another quarter of severe disruption in global energy markets, as we worked hard to provide critical energy supplies and products to our customers," said chief executive Wael Sawan.
The bottom-line performance was also supported by ongoing cost-cutting. The company has now made $5.8bn in structural cost reductions since 2022, delivering $700m in the first half alone.
The company said it was planning to repurchase another $3bn in shares, in addition to the $1.2bn of buybacks that were not undertaken during the previous programme due to the pending acquisition of ARC Resources. The deal has now received shareholder approval, with completion expected in the third quarter.
See the latest RNS on Investegate.
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