Shell's $8.5 billion buyback program
Energy giant Shell PLC announced a new share repurchase program of $8.5 billion, while increasing its profitability in the last quarter...
Yayınlanma: 4 Şubat 2022 02:58
Güncellenme: 7 Kasım 2024 00:19
Shell PLC increased its share repurchase amount after rising energy prices and fourth-quarter profitability beat analysts' forecasts.
Shell, which was targeted by activist investor Dan Loeb and moved its headquarters to London, removing the phrase "Royal Dutch" from its name, put an end to the turbulent course of the year with positive data in the fourth quarter.
The company, which started to rise with increasing energy and natural gas prices, realized the most profitable closing of the last five years on an annual stock basis.
In a statement on Tuesday, CEO Ben van Beurden said, "We performed very strongly in 2021. Our financial strength and discipline are the most important proof of the transformation the company has undergone."
Ever since Shell stopped paying dividends in the first months of 2020, when the pandemic started, van Beurden has been trying to attract investors by improving returns.
The company has already pledged to return to investors $5.5 billion from the sale of oil assets in the US Permian basin. In addition, Shell has committed to increasing its dividend rate by 4 percent.
