Due to the high prices for oil and gas, Shell made a record profit in the second quarter. At the bottom of the line, the profit over the past three months came to $ 18 billion, also thanks to the rollback of previous depreciation.
The company will buy back its own shares for $ 6 billion. In the first half of this year, the company already bought in its own shares for $ 8.5 billion. The purchase of own shares supports the stock market price.
The company reverses previous depreciation on assets because it assumes that prices will remain high for an extended period of time. That brings a windfall of $ 4.3 billion for this quarter.
The company benefits from the persistently high prices for oil and gas. Among other things, the refining of oil generates more money, about 1 billion dollars more than in the first three months of this year.
Last quarter, Shell had to write off about 4 billion dollars due to the departure from Russia. Despite this, the company still made a profit of 7.1 billion dollars.
The high profits of oil and gas companies in the UK, where Shell has been officially based since the beginning of this year, have led to an additional profit tax. The money raised by the government is used to meet people who are struggling due to increased prices.