Oil giant Shell misses expectations with $5.1 billion in second-quarter profit

LONDON — British oil giant Shell on Thursday reported a sharp year-on-year drop in second-quarter profit on weaker fossil fuel prices.

Shell posted adjusted earnings of $5.1 billion for the three-month period through to the end of June, missing analyst expectations of $6 billion, according to estimates collated by Refinitiv.

The company reported adjusted earnings of $11.5 billion during the same period of last year and $9.6 billion for the first three months of 2023.

Shares of the London-listed oil major are 3% higher year-to-date.

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