Shell NYSE SHEL is launching yet another $3.5 billion share buyback program after booking better-than-expected earnings for the second quarter of the year. The UK-based supermajor reported on Thursday adjusted earnings of $6.3 billion, down from $7.7 billion for the first quarter of the year, on the back of lower prices and volumes and lower trading results due to seasonality and reduced volatility. The second-quarter result, however, easily beat the market expectation of earnings of $6 billion.
Commenting on the further share repurchases, CEO Wael Sawan said in the quarterly results presentation, “This makes it the 11th consecutive quarter in which we have announced 3 billion dollars or more in buybacks showing that the strong performance of the business results in compelling returns to our shareholders.” Shell has also made $1.7 billion of structural cost reductions since 2022, as Sawan aims to simplify the structure and allocate cash to the projects with top returns.