The increase in quarterly adjusted earnings was attributed to strong natural gas trading, higher energy prices, and higher refining profits.
For the quarter that ended on 30 June 2022, the company’s income attributable to shareholders surged to $18bn, from $3.4bn in the same period a year ago.
In a press statement, Shell said: “Income attributable to Shell plc shareholders, compared with the first quarter [of] 2022, mainly reflected higher realised prices, higher refining margins, and higher gas and power trading and optimisation results, partly offset by lower LNG trading and optimisation results.”
For Q2 2022, Shell’s adjusted EBITDA increased to $23.1bn, from $19bn in the prior year, benefiting from higher prices.
Cash flow from operating activities for the second quarter was $18.7bn while free cash flow stood at $12.4bn.
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Shell’s revenue for the quarter was $103.1bn, a significant increase from $61.76bn in the second quarter of 2021.
The oil and gas firm ended the quarter with a net debt of $46.4bn, down from $65.7bn a year ago.
The company also announced a share buyback programme of $6bn for the current quarter, with plans to complete it by Q3 2022.
Shell CEO Ben van Beurden said: “With volatile energy markets and the ongoing need for action to tackle climate change, 2022 continues to present huge challenges for consumers, governments, and companies alike.
“Consequently, we are using our financial strength to invest in secure energy supplies, which the world needs today, taking real, bold steps to cut carbon emissions, and transforming our company for a low-carbon energy future.
“And, crucially, our Powering Progress strategy is delivering strong results for our shareholders on the back of years of portfolio high grading, combined with robust operational performance.”