Shell PLC (LSE:SHEL, NYSE:SHEL) has unveiled another US$3.5 billion (£2.7 billion) share buyback even though profits dipped over the first half of the year on lower gas prices.
Following an identical buyback programme earlier in the year, Shell said the latest repurchase would be completed over the coming quarter in an interim results statement on Thursday.
This was as adjusted earnings slipped 19% to US$6.3 billion over the second quarter and by 5% during the half year.
Shell attributed the drop in profitability to lower liquified natural and pipeline gas prices though added these were partially offset by higher volumes.
Income attributable to shareholders fell 8% to $10.9 billion over the first half as operational cash flow also dipped by 8% to $26.8 billion.
Chief executive Wael Sawan commented that Shell had “delivered another strong quarter of operational and financial results”.
He added the company had generated US$1.7 billion of structural savings since 2022, of which US$0.7 billion had been realised over the first half of this year.
Some US$0.344 per share was paid out to shareholders through dividends over the second quarter, marginally higher than a year earlier, as basic per-share earnings fell 2% to US$1.7.