Shell Launches $3.5 Billion Buyback After Earnings Beat Market Views
By Christian Moess Laursen
Shell said its second-quarter earnings beat market expectations, and that it would buy back $3.5 billion of shares this quarter.
The British energy major on Thursday booked adjusted earnings of $6.29 billion for the period, down from $7.73 billion in the first quarter, weighed by lower liquefied natural-gas trading and refining margins.
However, market watchers had expected $6.01 billion, according to a Vara Research survey.
Europe's biggest oil-and-gas company declared a quarterly dividend of 34.40 cents and said it would buy back $3.5 billion of shares during the third quarter.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
August 01, 2024 02:29 ET (06:29 GMT)
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