Shell reported quarterly adjusted earnings of $10.8 billion, nearly doubling from $5.4 billion a year earlier, driven by higher commodity prices and a global squeeze on refined products amid the Middle East conflict and the Russia-Ukraine war. The result beat the $9.92 billion analysts expected, according to an LSEG-compiled consensus. Indicative refining margins reached $42 per barrel, well above the previous record of $28.04 per barrel in the second quarter of 2022. The company also announced a $5 billion share buyback for the next three months.
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