Dow Jones Newswires: Shell profits hit Q2 record, announces $6 billion buyback

United States

Shell PLC SHEL, +0.71% 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; @JaimeLlinaresT