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British oil company Shell announced that profits in the second quarter of 2024 fell by more than 19% from the first quarter. Despite the decline, profits were still higher than expected. Shell reported an adjusted profit of $6.3 billion in the third quarter. According to estimates by the London Stock Exchange Group (LSEG/), this figure exceeded analysts’ expectations by $5.9 billion in the months to the end of June.
Shell announced adjusted profits of $7.7 billion in the first quarter of this year and $5.1 billion in the second quarter of 2023. Shell recently warned it would take impairment charges of up to $2 billion after selling its Singapore refinery and suspending construction of its plant in Rotterdam, the Netherlands.
In early May, Shell confirmed 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 Glencore.
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