Shell reported Thursday that it earned nearly $5.1 billion in the second quarter, nearly half what the oil and natural gas giant pulled in during the first three months of the year as energy prices have plunged.
"Shell delivered strong operational performance and cash flows in the second quarter, despite a lower commodity price environment," CEO Wael Sawan said in a statement. Shell, whose profits doubled to an all-time high last year, will reward shareholders with a 15% dividend increase. It says it's buying back an additional $3 billion in shares over the next three months.
Sawan, who took over leadership of Shell in January, told the BBC this month that it would be "irresponsible" to cut oil and gas production at a time when the world economy is still dependent on fossil fuels.