Shell delivered solid results that were broadly in line with the consensus thanks to oil and gas trading. The 34% yoy decline in profitability showed the company’s resilience compared to its peers thanks to high gas optimization and robust cash conversion. A buyback program amounting to $3.5bn will take the H1 aggregate figure to above the CMD guidance of $5bn. The annual cash pay-out ratio will come in at the upper end of the guidance range of 30-40%.
