Shell: to launch share buyback plan as profit rises
(CercleFinance.com) - Today, Royal Dutch Shell announced the immediate start of a share buyback programme after second-quarter profit more than doubled thanks to high oil prices.
The Netherlands-based group said current cost of supply (CCS) net income was 5.2 billion dollars in the past quarter, compared to just 1.9 billion euros in the same period in 2017.
Excluding identified non-operating items, the result grew 30 per cent to 4.7 billion dollars, the oil major said.
In the wake of this, Shell launched a 25-billion-dollar share buyback programme.
The group said its intention was to buy back at least 25 billion dollars of its shares over the period 2018-2020, "subject to further progress with debt reduction and oil price conditions”.
Shell's London-listed "B" shares traded down 2 per cent at 2,671.5 pence this morning against a 0.1 per cent rise in the STOXX Europe 600 Oil & Gas index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The Netherlands-based group said current cost of supply (CCS) net income was 5.2 billion dollars in the past quarter, compared to just 1.9 billion euros in the same period in 2017.
Excluding identified non-operating items, the result grew 30 per cent to 4.7 billion dollars, the oil major said.
In the wake of this, Shell launched a 25-billion-dollar share buyback programme.
The group said its intention was to buy back at least 25 billion dollars of its shares over the period 2018-2020, "subject to further progress with debt reduction and oil price conditions”.
Shell's London-listed "B" shares traded down 2 per cent at 2,671.5 pence this morning against a 0.1 per cent rise in the STOXX Europe 600 Oil & Gas index.
Copyright (c) 2018 CercleFinance.com. All rights reserved.