Future Of British Business
Shell Posts Back-to-Back Record Profit, Accelerates Buybacks
- Company to repurchase a further $6 billion of shares
- Investors are receiving windfall from volatile energy markets
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Shell Plc accelerated share buybacks after reporting record profit for a second consecutive quarter due to high oil and gas prices.
The company will repurchase a further $6 billion of shares in the third quarter, having already bought back $8.5 billion of stock in the first half of the year. It’s the latest sign of how Russia’s invasion of Ukraine has delivered a windfall for investors in major energy producers, even as the soaring costs of fuel batters the economy and threatens a cost-of-living crisis.