Shell PLC

SHEL: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 5,113.00	Fncyl	Yrwpmqjc

Shell Earnings: Another Stronger-Than-Expected Quarter as Cost-Reduction Progress Is Made

Allen Good

Aug 1, 2024

No-moat Shell's reported second-quarter adjusted earnings increased to $6.3 billion from $5.1 billion the year before, exceeding market expectations, largely thanks to strong upstream and marketing performance. Production fell 3% from the quarter a year ago but is 2% higher through the first half of the year compared with 2023. Our fair value estimate is unchanged.

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