Big Oil Shows Confidence The Era of Large Profits Is Back
- Shell raises dividend by 38% and starts $2 billion buyback
- Total pledges to use surplus cash to repurchase shares
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Europe’s largest oil and gas companies showed confidence that the era of big profits is back by significantly boosting returns to shareholders.
Royal Dutch Shell Plc surprised investors on Thursday with a dividend hike of almost 40% and $2 billion of share buybacks. TotalEnergies SE didn’t manage quite that level of shock and awe, but promised to divert as much as 40% of its surplus cash to stock repurchases.