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.
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