Shell announces $6 billion share buyback after record-breaking earnings

29 Jul 2022 , 08:48 AM

As a consequence of robust gas trading and a doubling of refining profit, Shell’s second-quarter earnings of $11.5 billion broke the record it established only three months earlier on Thursday.

The business did not increase its 25-cent per share dividend but did launch a $ 6-billion share repurchase program for the current quarter. According to the statement, shareholder returns will continue to be “above 30% of cash flow from operational activities”.

After a two-year decline, energy businesses’ earnings have increased thanks to a quick recovery in demand following the end of pandemic lockdowns and a rise in energy costs caused by Russia’s invasion of Ukraine. In the first half of 2022, Shell repurchased $8.5 billion worth of shares, and the new program is substantially larger than anticipated.