Shell announced a new $3.5 billion share buyback program after reporting better-than-expected earnings for the second quarter.
Shell NYSE SHEL is launching yet another $3.5 billion share buyback program after booking better-than-expected earnings for the second quarter of the year. The UK-based supermajor reported on Thursday adjusted earnings of $6.3 billion, down from $7.7 billion for the first quarter of the year, on the back of lower prices and volumes and lower trading results due to seasonality and reduced volatility. The second-quarter result, however, easily beat the market expectation of earnings of $6 billion.
Commenting on the further share repurchases, CEO Wael Sawan said in the quarterly results presentation, “This makes it the 11th consecutive quarter in which we have announced 3 billion dollars or more in buybacks showing that the strong performance of the business results in compelling returns to our shareholders.” Shell has also made $1.7 billion of structural cost reductions since 2022, as Sawan aims to simplify the structure and allocate cash to the projects with top returns.
Share Buyback Earnings Oil And Gas Dividends Supermajor Financial Results Buyback Program Quarterly Results CEO Wael Sawan
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