Shell profits from oil recovery, rewards investors
Royal Dutch Shell on Thursday logged bumper second-quarter profits as oil prices recovered from Covid fallout, and rewarded investors with a buyback and dividend hike.
Net profit hit $3.4 billion (2.9 billion euros) in the three months to the end of June, the Anglo-Dutch energy major said in a results statement.
That contrasted sharply with a colossal loss of $18.1 billion last time around, when it made massive asset writedowns due to the Covid-ravaged oil market.
The performance was boosted by higher realised oil prices, one-off favourable tax impacts, higher marketing margins and lower operating expenses.
Shell had also rebounded into net profit in the prior three months.
