London-listed oil and gas giant Shell reported better-than-expected second-quarter earnings, with adjusted net income reaching $4.26 billion for April to June 2025. This result exceeded analyst forecasts despite ongoing pressure from declining global energy prices.
Although down from $6.29 billion in the same quarter last year, Shell’s performance improved compared to the first quarter of 2025, when earnings stood at $5.58 billion. The results follow softer trading in its integrated gas division and losses in chemicals and products, indicating a challenging macroeconomic environment.
Shell confirmed a $3.5 billion share buyback programme for the next three months, marking the 15th straight quarter with buybacks exceeding $3 billion, showing its commitment to shareholder returns.
Shell’s shares rose nearly 1% following the announcement. The company’s focus remains on improving shareholder value, driving cost savings, and expanding liquefied natural gas (LNG) operations—areas in which it holds global leadership. Its share price has risen about 8% this year, outperforming peers like BP, TotalEnergies, and ExxonMobil.
Shell recently denied takeover rumours regarding BP, stating it had “no intention” of making an offer.
The company has achieved $800 million in structural cost savings in the first half of 2025, totalling $3.9 billion since 2022, and aims for $5-7 billion in savings by 2028. Net debt rose slightly to $43.2 billion at the end of Q2 from $41.5 billion in the previous quarter.
Shell’s steady performance comes as the energy sector faces quick change driven by climate policies, rising renewable energy use, and volatile fossil fuel demand. As a leading LNG trader, Shell stands to benefit from increasing global demand for cleaner natural gas, particularly in Asia and Europe.