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Shell Q2 earnings miss consensus estimates amid weaker prices, margins

Royal Dutch Shell PLC's second-quarter earnings missed consensus estimates on the back of lower oil prices and weaker chemicals and refining margins.

On a current-cost-of-supplies basis and excluding identified items, earnings attributable to shareholders dropped to $3.46 billion in the second quarter from $4.69 billion in the same period a year ago. Shell said the decline reflected lower realized oil, gas and LNG prices, weaker realized chemicals and refining margins as well as higher provisions that were partly offset by improved production.

The S&P Global Market Intelligence consensus net income estimate for the second quarter was $4.88 billion.

Basic EPS on a current-cost-of-supplies basis and excluding identified items came in at 43 cents, compared with 56 cents a year ago.

As-reported income attributable to shareholders tumbled on a yearly basis to $3.0 billion from $6.02 billion. EPS dropped to 37 cents from 72 cents.

Total production available for sale rose 4% to 3.58 million barrels of oil equivalent per day.

Attributable first-half earnings on a current-cost-of-supplies basis and excluding identified items declined to $8.76 billion from $10.09 billion a year ago.

Shell announced the next phase of its share buyback program, in which it plans to purchase A and B shares for a maximum aggregate consideration of $2.75 billion until Oct. 28.

The company's board also declared an interim dividend for the second quarter of 47 cents per A and B share, equal to the dividend for the same quarter last year.