Shell's Earnings Improve Further in Second Quarter; Boosts Repurchase Amount for Third Quarter

Shell reported second-quarter results that surpassed market expectations and continued to improve from previous quarters. Thanks to high oil and natural gas prices during the quarter and strong power trading results, adjusted earnings soared to $11.5 billion from $5.5 billion a year ago. Adjusted earnings exclude $4.3 billion of post-tax impairment reversals and $1.0 billion of mark-to-market gains. Operating cash flow before working capital improved materially to $23.0 billion from $14.2 billion last year, resulting in organic free cash flow of $13.7 billion. Year to date, Shell has nearly doubled organic free cash flow from the same period last year.