The British Oil Company (SHELL) reported that its profit for the second quarter of 2024 fell by more than 19 percent compared to the first quarter.

Despite this decline, profits were higher than expected, with Shell reporting adjusted earnings of USD 6.3 billion for the three-month period to the end of June, surpassing analysts’ expectations of USD 5.9 billion, according to estimates compiled by London Stock Exchange Group (LSEG).

The oil and gas company had reported adjusted profit of USD 7.7 billion in the first quarter of 2024 year and USD 5.1 billion in the second quarter of 2023.

Recently, the company warned that it would incur a depreciation fee of up to USD 2 billion following the sale of Singapore’s refinery and the suspension of construction at its plant in Rotterdam, the Netherlands.

Early last May, Shell confirmed that it had agreed to sell its refining and petrochemical assets in Singapore to a joint venture between Indonesian Petrochemical Company, PT Chandra Asri and Swiss Trading Company, G
lencore.

Source: Qatar News Agency