Shell Q2 profits drop to $5 billion after energy prices cool

LONDON Shell reported on Thursday profits of $5 billion in the second quarter, dropping by 56% from a year earlier as oil and gas prices cooled after rallying on the back of Russia's invasion of Ukraine.

Shell increased its dividend to $0.33 per share in the quarter, as previously announced in June. It also announced the repurchase of $3 billion in shares over the next three months, compared with $3.6 billion in the previous three months.

Shell's adjusted earnings missed company-provided analyst forecasts of $5.8 billion in earnings.

The results compared with record quarterly earnings of $11.5 billion a year earlier and $9.65 billion in the first quarter of 2023.

(Reporting by Ron Bousso and Shadia Nasralla; editing by Christina Fincher)