Shell Starts Long-Awaited Buybacks Even as Profit Misses

Royal Dutch Shell Plc finally gave investors the share buybacks they’ve been demanding, even as profit fell short of expectations despite resurgent crude prices.

The Anglo-Dutch energy producer said Thursday that it is starting a $25 billion share-repurchase program, initially buying up $2 billion of stock over three months. That should soothe investors who have grown increasingly anxious about when they’ll see the reward for sticking with Shell through the biggest oil-industry downturn in a generation.

It wasn’t all good news, as adjusted net income for the second quarter of $4.69 billion fell short of even the lowest analyst estimate. Its peers Equinor ASA and Total SAnearly matched or exceeded profit expectations.

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