LONDON, July 29 — Royal Dutch Shell today logged bumper second-quarter profits as oil prices recovered from Covid fallout, and rewarded investors with a buyback and dividend hike.
That contrasted sharply with a colossal loss of US$18.1 billion last time around, when it made massive asset writedowns due to the Covid-ravaged oil market. “The resilience of our operations and unmatched cashflow show that we are delivering on our strategy.Shell will target US$2.0 billion in share buybacks this year, and hiked its shareholder dividend to 24 cents per share.
“That stoicism was sorely tested, but is now being rewarded with a slap on the back of rising returns.”
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