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Shell quarterly profit rises 30 percent, oil giant announces $25 billion share buyback

  • Oil giant Royal Dutch Shell posted a 30 percent rise in net profit in the second quarter of 2018.
  • Net income attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, and excluding identified items, came in at $4.69 billion.
  • Shell announced a $25 billion share buyback program.

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Oil giant Royal Dutch Shell posted a 30 percent increase in net profit in the second quarter of 2018 and announced a $25 billion share buyback program. Net income attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, and excluding identified items, came in at $4.69 billion, up from $3.6 billion seen in the same quarter a year ago. The earnings fell short of an analyst consensus of $5.967 billion, however, Reuters reported. The company said the earnings “reflected increased contributions from Integrated Gas and Upstream, partly offset by lower earnings in Downstream.” FULL ARTICLE

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