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Thursday, July 27, 2017 11:49:23 AM
Royal Dutch Shell (RDS.A, RDS.B) +1.2% premarket after reporting better than expected Q2 earnings on a 23.5% Y/Y revenue increase.
Shell says Q2 profit on a current cost of supplies basis and excluding exceptional items more than tripled to $3.6B from $1B in the same period last year and beating the $3.2B analyst consensus estimate, although the figure was lower than the $3.8B in Q1, reflecting the recent drop in crude prices.
Shell’s downstream business was the strongest engine of growth, with earnings rising 39% Y/Y to $2.5B, profits in the integrated gas division jumped by more than a third to $1.2B, while upstream earnings were just $339M but E&P posted a $1.3B loss in the same period last year; Q2 total oil and gas production was little changed at 3.5M boe/day.
Shell's cash flow from operations rose to $11.3B from $9.5B in Q1, its highest level since the oil price slump started in 2014; gearing dropped to 25.3% from 28.1% a year ago, and net debt fell for a third straight quarter to $66.4B from $72B at the end of Q1, as Shell sold assets from Canada to Australia as part of its $30B divestment program.
“Shell is showing it’s not just about disposals, but the entire business itself that is driving earnings," says BMO analyst Brendan Warn. Shell's "cash flow is very robust and the industry itself is learning to live with oil at these prices."
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