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.