Free Trial

Shell Reports Strong Q2 Results; Credit Positive On Balance Sheet Improvement

ENERGY SECTOR

Aa2/A+/AA-u EUR Spreads Mixed And Muted


Credit positive results strong operating performance with beats across production, EBITDA, cash flow and gearing as upstream strength offset a weaker downstream. Payouts maintained as was expected.


  • O&G production -3% YoY (+1.6% vs. BBG consensus)
  • Adj-EBITDA -10% YoY (+6.3% vs. BBG consensus)
  • CFO From Ops +1% YoY (+11% vs. BBG consensus)
  • Gearing of 17% down from 17.7% at Q1 (vs. BBG consensus of 17.9%), apparently the lowest level since 2015 with net debt over USD 2.2bn lower QoQ.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.