壳牌：上游和营销强劲增长；回购良好

Investment Rating - The report maintains a positive outlook on Shell, with an expectation of strong performance in the upcoming quarters, particularly due to robust growth in upstream and marketing sectors [1][2]. Core Insights - Shell's adjusted net income for Q2 2024 is projected at $6.293 billion, exceeding market expectations of$5.980 billion, driven by strong performance in upstream and marketing divisions [1][2]. - The company has reaffirmed its capital expenditure guidance for FY 2024 at $22-25 billion, slightly below market expectations of$22.8 billion [1]. - A new share buyback program of $3.5 billion has been announced, expected to be completed by Q3 2024 [1]. Summary by Sections Overall Performance - Shell reported an adjusted net income of$6.293 billion for Q2 2024, a 24% increase year-over-year from $5.073 billion in Q2 2023, and a decrease of 19$7.734 billion in Q1 2024 [2][3]. - The company's revenue for Q2 2024 was $74.463 billion, showing a 3$2.336 billion, a 21% increase quarter-over-quarter and a 39% increase year-over-year [2][3]. - Oil and gas production was reported at 1,783 thousand barrels of oil equivalent per day, a 5% decrease from the previous quarter [2]. Marketing Business - The marketing segment achieved an adjusted net income of $1.082 billion, a 39$1.085 billion, a 33% decrease quarter-over-quarter due to declining refining margins [2][3]. - Refinery utilization was at 92%, with expectations for Q3 2024 dropping to 83-91% [2]. Renewable Energy and Solutions - The renewable energy and solutions segment reported an adjusted net loss of $187 million, a significant decline attributed to seasonal demand fluctuations [2][3].