The oil and gas major, which is bolstering its renewables and electricity portfolios, is now planning $3 billion of share buybacks during the first half of the year.The group said it had repurchased $1 billion of shares over the first quarter.
High prices and economic ripple effects from Chinese coronavirus lockdowns, however, could limit demand, it added. The company posted an adjusted net income up 32% quarter on quarter to $9 billion for the first three months of 2022, with a core profit up 22% at $17.4 billion. The group said it would be mobilising additional investments to support short-term gas production in the North Sea.