Posted by John Donovan: 1 August 2024
In a move that would make even the greediest of villains blush, Shell is back with another $3.5 billion share buyback program, because who cares about the planet when you can make rich people even richer?
On Thursday, the UK-based supermajor announced its latest financial triumph, reporting adjusted earnings of $6.3 billion for Q2. Sure, it’s a drop from the $7.7 billion of the previous quarter, but who’s counting when you’re still beating market expectations of $6 billion?
Despite lower refining margins and trading results—thanks to a market that’s finally stabilizing after Shell’s rampant exploitation—CEO Wael Sawan is thrilled. “This makes it the 11th consecutive quarter in which we have announced 3 billion dollars or more in buybacks showing that the strong performance of the business results in compelling returns to our shareholders,” he boasted, as if this were an episode of “Lifestyles of the Rich and Shameless.”
Meanwhile, Shell has managed to slash $1.7 billion in structural costs since 2022, because nothing says efficiency like trimming the fat off an already bloated oil giant. And let’s not forget their brilliant strategy to keep pumping out oil and gas while throwing a few pennies at renewable energy to keep the critics at bay.
Sawan, ever the voice of reason, warned that reducing global oil and gas production would be “dangerous and irresponsible.” Because, clearly, what the world needs now is more hydrocarbons, not a livable climate.
And in case you were wondering, Shell’s latest money grab comes hot on the heels of BP’s own announcement to boost dividends by 10% and extend its buyback program. It’s almost like a competition to see who can be the most shamelessly greedy.
EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON
EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON.
EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
