In ongoing drive, Shell slashes debt by almost $8 billion

Shell cut its debt stack in the second quarter by nearly $8 billion, accelerating an effort it began in 2016 to improve leverage and burnish its credit rating. 

The energy giant’s balance sheet gearing ratio – net debt as a percentage of capital – sank to 23.6% at end-June from 24.7% the previous quarter and 25% at end-2017. The ratio is down 220 basis points from the year-ago quarter.  

The company reported total outstanding debt of $80.5 billion and total capital of $263.5 billion at end-Jun