Shell reports record profits of €11.3bn and accelerates share buybacks
A rapid recovery in demand following the end of pandemic lockdowns and a surge in energy prices, driven by Russia's invasion of Ukraine, have boosted profits for energy companies after a two-year slump. Picture: Hollie Adams/Bloomberg.
Shell on Thursday reported a second quarter profit of $11.5bn (€11.3bn), smashing its previous record just three months earlier, lifted by a tripling of refining profits and strong gas trading.
The company also announced a share buyback programme of $6bn (€5.9bn) for the current quarter, but did not raise its dividend of 25 cents per share. It said shareholder returns would remain "in excess of 30% of cash flow from operating activities".
