Shell and Total’s financial results for Q2 defy expectations
Shell said that earnings were underpinned by strong oil trading, optimisation results as well as lower operating expenses.
The Anglo-Dutch company reported a drop of 82% in adjusted earnings at $638 million for the second quarter of 2020, while adjusted profits of France’s Total fell by 96% to $126 million. This defied analysts’ expectations calling for respective losses of $664 million and $443 million.
The underlying figures exclude tens of billions of dollars of writedowns on the value of the companies’ assets, meanwhile.
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