Shell announces $25-bln share buyback programme

THE HAGUE, July 26, 2018 – Shell will repurchase USD 25 billion worth of its shares through 2020, starting with USD 2 billion in the next three months, the super-major announced on Thursday.

“This move complements the progress we have made since the completion of the BG acquisition in 2016, to reshape our portfolio through a USD 30 billion divestment programme and new projects, to reduce net debt, and to turn off the scrip dividend,” said CEO Ben van Beurden in a statement released with the company’s Q2 2018 results. “Our free cashflow outlook and the progress we have made to strengthen our balance sheet give us the confidence to start our share buyback programme.”

Shell also posted Q2 income of USD 6 billion, 290% higher than in the same period last year but lower than the consensus of analysts cited by Reuters. Shares in the company were down about 3.7% on Thursday afternoon following the news.

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