Shell nearly doubles quarterly profit to $10.8 billion — CNBC

Energy company Shell nearly doubled its adjusted quarterly profit year-on-year to $10.8 billion. The company also reported a record refining margin, CNBC reports.

Profit exceeds expectations

A year earlier, Shell’s adjusted earnings, which the company uses as a measure of net income, stood at $5.4 billion. The consensus forecast of analysts surveyed by LSEG projected a result of $9.92 billion.

According to CNBC, the increase was driven by higher commodity prices and a global shortage of petroleum products amid the conflict in the Middle East and Russia’s war against Ukraine.

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Record refining margin

Shell’s indicative refining margin reached $42 per barrel. This is above the previous record of $28.04 per barrel, recorded in the second quarter of 2022.

Share buyback

The company also announced a $5 billion share buyback program for the next three months.