Shell profits from oil recovery, rewards investors - Punch Newspapers

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Royal Dutch Shell on Thursday logged bumper second-quarter profits as oil prices recovered from Covid fallout, and rewarded investors with a buyback and dividend hike.

That contrasted sharply with a colossal loss of $18.1 billion last time around, when it made massive asset writedowns due to the Covid-ravaged oil market. “The resilience of our operations and unmatched cashflow show that we are delivering on our strategy.Shell will target $2.0 billion in share buybacks this year, and hiked its shareholder dividend to 24 cents per share.

Revenues almost doubled in the second quarter to $60.5 billion, while production declined slightly to 3.25 million barrels of oil equivalent per day.

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