Shell posts US $ 11.5bln profit, to invest more in renewable energy
KAMPALA– Shell has posted record results in the second quarter 2022, with a US $11.5 billion profit eclipsing the mark it set only three months ago, lifted by strong gas trading and a tripling of refining profit, according to its latest unaudited financial statement where it promises to invest in renewable energy.
Reading the company’s unaudited financial results, the company’s CEO Ben van Beurden said investment in secure energy supplies is what the company is interested in just like other stakeholders to cut carbon emissions.
“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,” Beurden said.
He further said the company’s Powering Progress Strategy is delivering strong results for our shareholders on the back of years of portfolio high grading, combined with robust operational performance. “We are increasing shareholder distributions through a US $6 billion share buyback programme which is expected to be completed by third quarter 2022 results.”
Beurden announced US $6 billion share buybacks are expected to be completed by third quarter 2022 results and distributions significantly in excess of 30 percent of cash flow from operations [CFFO] for the last four quarters.
“In the first half of 2022 shareholder distributions have doubled from those in the first half of 2013, a decade ago, when Brent prices were similar, with increased discipline, integrated value delivery and improved resilience driving better results.”
The company said Final Investment Decision [FID] has been taken to build to acquire Holland Hydrogen I, Europe’s largest renewable hydrogen plant once operational in 2025.
It said it was progressing with the acquisition of Sprng Energy group, one of India’s leading renewable power platforms and has signed 10-year renewable energy supply agreement with Air Liquide to provide 52 GWh of solar energy per year to power industrial and medical gas production operations in Italy.
And that it has acquired minority stake in Carbonext, Brazil’s largest developer of REDD+ carbon credit generating projects.
https://thecooperator.news/ugandas-energy-sector-what-informs-the-tariff/
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