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Shell plans share buybacks worth billions
Shell shares gain: Find out more about Shell's surprising profit jump and the oil and gas multinational's planned share buybacks. Find out now!
Shell plans share buybacks worth billions
Oil and gas multinational Shell reports a surprise jump in profits and plans $3.5 billion in share buybacks in the second quarter. Despite the increased profit, the company is maintaining its current pace and continues to buy up its own shares. The dividend for the first quarter will remain at 34.4 US cents. Shell boss Wael Sawan expects capital expenditure of between $22 and $25 billion for the full year.
In the first quarter, Shell achieved a profit of $7.7 billion before special items, an increase of almost 6 percent compared to the previous quarter. The gas business in particular performed better than expected. After deducting special items, Shell shareholders were left with a profit of $7.4 billion. The company's net debt fell by $3 billion to $40.5 billion by the end of March, which experts saw at about the expected level.
On the London stock exchange, Shell shares temporarily rose by 1.1 percent to GBP 28.50. The positive quarterly results and share buyback plans may have contributed to this. Experts and analysts had expected a lower increase in profits. Shell plans to continue investing in its businesses while rewarding shareholders through share buybacks.