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Oil giants Shell and Total continue buyback bonanza after record profits


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On Wednesday, Shell said the Holland Hydrogen I facility would be “Europe’s largest renewable hydrogen plant” when operations start in 2025. Shell is one of several big firms looking to lay down a marker in the sector.
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Shell on Thursday reported a profit of $11.5 billion for the second quarter, beating expectations, lifted by strong refining profits and energy prices.

The company also announced a share buyback programme of $6 billion in the third quarter.

Second-quarter adjusted earnings rose to $11.47 billion, above the $11 billion forecast by analysts in a poll provided by the company.

It posted a profit of $5.5 billion a year earlier and of $9.1 billion in the first three months of 2022.

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