The Hague, July 26 - Neftegaz.RU. Shell announced the launch of $25 billion share buyback programme after posting a rise in profits and lowering its debts.
Shell’s net income attributable to shareholders on a current cost of supplies (CCS) basis, excluding identified items, amounted to $4.69 billion in the Q2 of 2018, which is a 30% increase compared to $3.6 billion in the same period last year.
Compared with the Q2 2017, CCS earnings attributable to shareholders excluding identified items reflected increased contributions from Integrated Gas and Upstream, partly offset by lower earnings in Downstream.
Cash flow from operating activities for the Q2 2018 was $9.5 billion, which included negative working capital movements of $2.1 billion, compared with $11.3 billion in the Q2 2017, which included positive working capital movements of $2.5 billion.
The company’s total oil and gas production during the quarter dropped by 2% to 3.442 million barrels of oil equivalent from 3.495 million boed in the Q2 of last year.
Total dividends distributed to shareholders in the quarter were $3.9 billion. Shell started a share buyback program of at least $25 billion in the period 2018-2020, subject to further progress with debt reduction and oil price conditions.