Oil giant Shell posts beat on profit despite sharp annual drop
The energy giant posted adjusted earnings of $4.26 billion for the three months through June, beating analyst expectations of $3.87 billion, according to an LSEG-compiled consensus.
A separate, company-provided analyst forecast had expected Shell's second-quarter profit to come in at $3.74 billion.
Shell reported adjusted earnings of $6.29 billion over the same period last year and $5.58 billion in the first three months of 2025.
The results come shortly after the London-listed firm flagged weaker trading results at its integrated gas division and losses at its chemicals and products arm.
In March, Shell announced plans to prioritize shareholder returns, ramp up the cost of savings and double down on its liquified natural gas (LNG) push. The strategic update was designed to bolster its commitment to value creation, while maintaining focus on "performance, discipline and simplification."
The plan appears to have been well received by investors. Shell's share price has outperformed many of its European and U.S. rivals so far this year, notching gains of 8%. By comparison, Britain's BP is up 3%, France's TotalEnergies is down 2% and Exxon Mobil is up 4% over the same period.
Notably, Shell recently dismissed speculation about a possible takeover bid for BP, saying in late June that it had "no intention" of making an offer for its struggling domestic rival.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
41 minutes ago
- Business Wire
Engineered for Whatever: Columbia Sportswear Debuts Bold, New Brand Platform Celebrating the Extremes of Outdoor Adventures
PORTLAND--(BUSINESS WIRE)--Today, Columbia Sportswear (Nasdaq: COLM) unveils a bold new brand chapter in its nearly 90-year history with a campaign that harkens back to the brand's irreverent spirit of the '80s and '90s. 'Engineered for Whatever' revives the humor and gritty gear testing that made Columbia a maverick in the outdoor industry and a beloved brand around the world. Developed in partnership with London-based creative agency adam&eveDDB, the new platform will roll out across all of Columbia's consumer and marketing channels—demonstrating how their well-engineered gear is built to perform in even the most unpredictable outdoor conditions. The campaign's irreverent tone is paired with outrageous scenarios that put a playful lens back on outdoor adventures. 'Since Day One, Columbia hasn't cared about fitting in with everyone else. Over the years, the outdoor category became a sea of sameness,' said Joe Boyle, Executive Vice President and Columbia Brand President. 'Our new campaign brings us back to our roots, being unafraid to be different, and even a bit crazy. We're going back to that irreverent, confident tone that helped put us on the map as a global brand.' Throughout its 87-year history, Columbia has remained committed to designing thoughtfully engineered gear tested in the most extreme conditions – from Death Valley to the surface of the Moon. The brand has developed and patented dozens of proprietary technologies to enhance performance in any environment, offering an expansive range of technical products across categories like hiking, fishing, skiing, and now running. Technologies such as Omni-Heat™, Omni-Max™, Omni-Shade™, and Omni-Freeze™ are at the core of Columbia's innovation. While that commitment to performance remains unchanged, the brand is now highlighting the more unpredictable - and occasionally unhinged - ways its gear protects consumers, no matter the conditions. 'Whether it's wide sweeping landscapes, sunny weather, or cliché model photography, advertising in the outdoor category has often followed a tired playbook by depicting the outdoors as pristine and perfect,' said Matt Sutton, Head of Marketing at Columbia. 'But at Columbia, our gear is built not just for a perfect day but for whatever mother nature throws at you. With 'Engineered for Whatever' we're showing people that our products are made to handle the extreme and unpredictable, with a healthy dose of humor and joy. By embracing the real and unexpected sides of adventure, we're staying true to our legacy and charting a distinct and memorable path for our brand going forward.' 'Engineered for Whatever' will kick off this fall with original content putting Columbia's gear to the ultimate test in over-the-top scenarios. In today's brand debut, the campaign kicks off with visceral, irreverent and downright bonkers content that reminds humans that mother nature will put you to the test and you need to have the right gear. Upcoming advertising and content this fall will spotlight outlandish scenarios and celebrity cameos in scenarios featuring crocodiles, human snowballs, and the grim reaper himself. The campaign will be amplified through out-of-home advertising, digital and social content, retail buildouts, creative activations, partnerships, and more. To see more of the 'Engineered for Whatever' campaign as it comes to life, visit and Media can also access stills and other assets via this link here. Columbia, the flagship brand of Portland, Oregon-based Columbia Sportswear Company, has been creating innovative apparel, footwear, accessories, and equipment for outdoor enthusiasts since 1938. Columbia has become a leading global brand by channeling the company's innovative spirit and passion for the outdoors into technologies and performance products that keep people warm, dry, cool and protected year-round. To learn more, please visit the company's website at
CNN
42 minutes ago
- CNN
BP makes its biggest oil and natural gas discovery in 25 years as it refocuses on fossil fuels
Oil & gas South America InvestingFacebookTweetLink Follow BP has made its largest oil and natural gas discovery in 25 years off the coast of Brazil, it said Monday, in a potential big boost for the British company following its strategic shift away from renewable energy to refocus on fossil fuels. BP (BP) is seeking to bolster oil and gas in its portfolio to regain investor confidence and revive underperforming shares. It said it planned to create a major new output hub at the Bumerangue discovery in Brazil, which a BP spokesperson said was probably the company's biggest since Shah Deniz in 1999, a gas and condensate field in the Azeri part of the Caspian Sea. Shah Deniz, with around 1 trillion cubic meters of gas and 2 billion barrels of condensate initially in place, produced 28 billion standard cubic meters of gas last year, according to BP. It gave no reserve estimate for the Brazilian block. 'Brazil is an important country for BP, and our ambition is to explore the potential of establishing a material and advantaged production hub in the country,' said Gordon Birrell, BP's production and operations chief. BP shares gained 1.3% by 7:07 a.m. ET, outperforming a broader index of European energy companies, which was up 0.1%. 'Although we cannot extrapolate as it is too early, and each well and each reservoir is different, we believe the data… provides support that the potential scale for this 100% BP discovery could be a game-changer,' Bernstein analyst Irene Himona said in a note. BP, which forecast its oil and gas production at 2.3 million to 2.5 million barrels of oil equivalent per day by 2030, said this was its 10th discovery this year, following findings in Trinidad, Egypt, Brazil and others. Production in 2024 was 2.4 million barrels of oil equivalent. BP expects production to be lower in 2025. BP had secured the Bumerangue block in the Santos basin amid pre-salt rocks in deep water off the coast of Brazil in December 2022 with what it said were 'very good commercial terms.' Early results indicate elevated levels of carbon dioxide in the Brazilian block, BP said, adding that further analysis would give more insight into its potential amid a bigger drilling program in Brazil. BP is set to report its second-quarter results Tuesday.
CNN
42 minutes ago
- CNN
BP makes its biggest oil and natural gas discovery in 25 years as it refocuses on fossil fuels
BP has made its largest oil and natural gas discovery in 25 years off the coast of Brazil, it said Monday, in a potential big boost for the British company following its strategic shift away from renewable energy to refocus on fossil fuels. BP (BP) is seeking to bolster oil and gas in its portfolio to regain investor confidence and revive underperforming shares. It said it planned to create a major new output hub at the Bumerangue discovery in Brazil, which a BP spokesperson said was probably the company's biggest since Shah Deniz in 1999, a gas and condensate field in the Azeri part of the Caspian Sea. Shah Deniz, with around 1 trillion cubic meters of gas and 2 billion barrels of condensate initially in place, produced 28 billion standard cubic meters of gas last year, according to BP. It gave no reserve estimate for the Brazilian block. 'Brazil is an important country for BP, and our ambition is to explore the potential of establishing a material and advantaged production hub in the country,' said Gordon Birrell, BP's production and operations chief. BP shares gained 1.3% by 7:07 a.m. ET, outperforming a broader index of European energy companies, which was up 0.1%. 'Although we cannot extrapolate as it is too early, and each well and each reservoir is different, we believe the data… provides support that the potential scale for this 100% BP discovery could be a game-changer,' Bernstein analyst Irene Himona said in a note. BP, which forecast its oil and gas production at 2.3 million to 2.5 million barrels of oil equivalent per day by 2030, said this was its 10th discovery this year, following findings in Trinidad, Egypt, Brazil and others. Production in 2024 was 2.4 million barrels of oil equivalent. BP expects production to be lower in 2025. BP had secured the Bumerangue block in the Santos basin amid pre-salt rocks in deep water off the coast of Brazil in December 2022 with what it said were 'very good commercial terms.' Early results indicate elevated levels of carbon dioxide in the Brazilian block, BP said, adding that further analysis would give more insight into its potential amid a bigger drilling program in Brazil. BP is set to report its second-quarter results Tuesday.
