Shell to Return $5.5 Billion From Permian Sale Via Buybacks

By Jaime Llinares Taboada

Royal Dutch Shell PLC said Friday that it will distribute the remaining $5.5 billion of proceeds from the sale of its Permian Basin assets in the U.S. through share buybacks.

The oil-and-gas major said this is in addition to the ordinary distributions of 20%-30% of cash flow from operations.

Meanwhile, Shell warned that production from its integrated gas division was hurt by unplanned maintenance in the fourth quarter of 2021. In addition, oil products marketing results are expected to have worsened, with trading performance significantly below the third quarter. Chemicals margins and refinery utilization also fell in the three months ended Dec. 31 compared with the previous quarter.

On the positive side, trading profits from integrated gas jumped on quarter as Shell benefited from soaring liquefied natural gas spot prices.

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

(END) Dow Jones Newswires

January 07, 2022 02:39 ET (07:39 GMT)

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