Shell Maintains Bumper Buyback as Profit Surges

AI Summary

Shell announced it will continue its substantial share buyback program after reporting a near-record $9.8 billion profit, attributed partly to the impact of the Iran war on oil prices. Shares rose 2% following the announcement of the $3 billion quarterly buyback plan.

Shell has said it will continue its bumper share buyback programme after revealing the Iran war’s effect on oil prices and trading volumes helped it book a near-record profit. The Anglo-Dutch giant’s net profit spiked to $9.8bn between April and July, more than double the same period last year and beating analyst estimates. Shares were up two per cent on the news to 3,376.00p in early trading. The petrochemicals giant announced it would continue to return much of those profits to shareholders and continue its $3bn quarterly share buyback…