Shell’s profits more than double after jump in oil and gas prices
Summary
Shell’s profit more than doubled to $9.84 billion in the second quarter of 2024. The rise in profits is linked to higher oil and gas prices caused by disruptions from the Middle East conflict.Key Facts
- Shell’s net profit for April to June 2024 was $9.84 billion, more than twice the amount a year earlier.
- Oil prices increased from about $61 per barrel in January to a high of $126 in late April.
- The conflict in the Middle East disrupted oil and gas flows, especially through the Strait of Hormuz.
- Shell’s gas production dropped by 30%, partly due to a strike that damaged its Qatar LNG plant in March.
- Repairs to the damaged LNG plant will take about one year.
- Environmental groups are calling for a windfall tax on oil companies to support households facing high energy costs.
- Campaigners urge governments to use tax revenue to help with climate resilience and energy transition.
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