Shell Launches $6B Share Buyback After Profits Gush

By Dawood Fakhir (July 28, 2022, 3:24 PM BST) -- Oil giant Shell PLC launched a $6 billion share buyback plan Thursday that will run for three months to reduce its number of shares in the market and return profits to shareholders.

The company, which is listed on the FTSE 100 index, disclosed the plan when it reported record profits of $11.5 billion for the second quarter, more than double last year's figure of $5.5 billion. The oil giant had already smashed its own quarterly record at the start of the year when it reported first quarter profits of $9.1 billion, and the figures surged into the second quarter.

"Today, Shell announces a...

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