Shell reported $14 billion (£10.9 billion) in profits for the first half of the year, driven by its strategic shift from renewables back to oil and gas.
The FTSE 100-listed company exceeded expectations with $6.3 billion (£4.9 billion) in adjusted earnings for the second quarter.
Shell also announced an extension of its share buyback program, planning to repurchase $3.5 billion in shares over the next three months.
Although profits for the half-year and second quarter decreased compared to the same periods last year, the impact of the energy crisis caused by Vladimir Putin’s war in Ukraine is diminishing.
These profits follow Shell’s decision to halt construction on one of Europe’s largest biofuel plants, resulting in a $1 billion (£780 million) loss and affecting airlines’ ambitions for low-carbon flights.
Chief Executive Wael Sawan commented, “Shell delivered another strong quarter of operational and financial results,” adding, “We continue to demonstrate that we are delivering more value with less emissions.”
