Shell plc generated a strong balance sheet in second-quarter 2024 with a reported profit of $6.3 billion, beating analysts forecasts, according to the London-based company.
“Shell delivered another strong quarter of operational and financial results. We further strengthened our leading LNG [liquidized natural gas] portfolio and made good progress across our Capital Markets Day 2023 financial targets, including $1.7 billion of structural cost reductions since 2022,” said Shell’s CEO Wael Sawan.
Shell reported second-quarter profits were down 19% compared to the first three months of the year as the company delivered profits of $7.7 billion for its first quarter.
The company also reported a dip in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) at $16.8 billion versus first-quarter 2024 EBITDA at $18.7 billion.
“We have also announced a further $3.5 billion buyback program for the next three months,” Sawan said. “We continue to demonstrate that we are delivering more value with less emissions."
Furthering to cut debt and improve operational efficiencies across the business, Shell reported $0.7 billion of structural cost reductions delivered in the first half of 2024.
Earlier this year, the major oil company said in its first energy transition update since the launch of its Powering Progress strategy in 2021, that it is pushing ahead with its growth of electric-vehicle (EV) charging and convenience-store offers but will divest around 500 Shell-owned sites globally in 2024 and 2025. The company did not specify which locations and in which countries, and it is unclear whether any U.S. gas stations would be affected.
- Shell is No. 44 on CSP’s 2023 Top 202 ranking of U.S. convenience-store chains by total number of company-owned retail outlets.
Shell serves about 8 million customers per day with a brand presence at approximately 12,000 fueling stations across 49 states. It owns and operates nearly 200 convenience retail sites. Globally, London-based Shell serves around 32 million customers per day at its mobility sites, who visit for quality fuels, EV charging and convenience and non-fuel products and services.
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