Shell reports higher earnings; launches $2 billion buyback program
By Shubhangi on Jul 30, 2021 | 02:30 AM IST
Oil giant
Royal Dutch Shell on Thursday reported better-than-expected quarterly earnings.
The company
reported adjusted earnings of $5.5 billion in the second-quarter as compared to
$638 million in the same period last year. According to Refinitiv, analysts
expected adjusted earnings of $5.1 billion.
Shell
increased its dividend for the second consecutive quarter to 24 cents, an
increase of 38% from the last quarter.
The company
also announced share buyback program of $2 billion which the company aims to
complete by the end of 2021.
“We have to make sure that our current shareholder base is
pleased with what we do in terms of payouts,” Shell CEO Ben van Beurden,
reported CNBC.
“We have to have a strong cash generative business that also
funds the company for the future, but at the same time we have to build a
business that is future-proof.”
Shares of Shell rose over 4.5% during early afternoon trade
in London.
(With
inputs from CNBC)
Picture
Credits: CNBC