Shell, which has its headquarters in the Netherlands, does business in more than 70 countries: TORU HANAI/REUTERS
Emily Gosden, Energy Editor: 27 July 2018
Royal Dutch Shell launched a long-awaited $25 billion share buyback plan as it sought to shrug off disappointing second-quarter results.
The Anglo-Dutch energy group insisted it had had a “very good quarter” as profits excluding exceptional items rose to $4.7 billion, up from $3.6 billion a year earlier, aided by higher oil and gas prices.
The result was significantly below analysts’ expectations of almost $6 billion, however, because of factors including foreign exchange effects and rising operating costs.
Ben van Beurden, chief executive, admitted that it needed to “tighten the screws quite a bit” on parts of the business to avoid becoming “flabby”.
The shares fell more than 3 per cent yesterday as the poor numbers overshadowed the widely anticipated commencement of the buyback, in…
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