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Shell to continue $3 billion quarterly buyback after profit surge

Shell said Iran-linked disruptions to oil market flows, including closure of the Strait of Hormuz, supported near-record profits even as parts of its gas business faced output pressure.

Reported · Written up by our desk · Energy

Shell said it will continue its bumper share buyback programme after reporting a near-record profit, citing the impact of the Iran war on oil prices and trading volumes, according to OilPrice.

The Anglo-Dutch energy company reported net profit of $9.8 billion between April and July, more than double the same period last year and above analyst estimates, and shares were up about 2.0% early in trading to 3,376.0p.

Shell also plans to keep returning much of its earnings to shareholders through its $3 billion quarterly share buyback programme, the outlet said.

OilPrice noted that Brent crude reached highs of $126 at the end of April after disruptions to market flows through the Strait of Hormuz, which was effectively closed by Iran after war broke out at the end of February, while Shell simultaneously reported a 30.0% drop in production from its integrated gas division versus the same quarter a year earlier.

Latest closeWTI crude $84.41 ▲6.5%|Brent $90.40 ▲7.5%

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