Shell Launches $6 Billion Share Buyback as 2Q Earnings Hit Record High

By Jaime Llinares Taboada

Shell PLC on Thursday reported a jump in its profits to a record high in the second quarter and announced a share buyback of $6 billion while keeping the dividend unchanged.

The multinational energy group generated record adjusted earnings of $11.47 billion in April-June, up from the previous high of $9.13 billion in the first quarter. Moreover, this was above the market consensus of $10.99 billion, compiled by Vara and averaged from 24 analysts' estimates.

Net income was $18.04 billion, compared with $7.12 billion in the first quarter.

Shell said it is starting a new share buyback of $6 billion to be completed by the third-quarter results announcement, and declared a quarterly dividend of $0.25 a share, unchanged from three months earlier.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

July 28, 2022 02:37 ET (06:37 GMT)

Shell (LSE:SHEL)
Historical Stock Chart
From May 2024 to Jun 2024