Shell Maintains Bumper Buyback as Profit Surges

By City A.M - Jul 30, 2026, 9:00 AM CDT Shell reported second-quarter earnings of $9.8 billion, more than double a year earlier and above analyst expectations. Higher oil and gas prices, stronger trading, and robust refining margins offset a sharp decline in gas production caused by disruptions in Qatar. The company maintained its $3 billion quarterly share buyback, highlighting confidence in cash generation despite ongoing geopolitical volatility. Shell has said it will continue its bumper share buyback programme after revealing the Iran war’s effect on oil prices and trading volumes helped it book a near-record profit.The Anglo-Dutch giant’s net profit spiked to $9.8bn between April and July, more than double the same period last year and beating analyst estimates.Shares were up two per cent on the news to 3,376.00p in early trading.The petrochemicals giant announced it would continue to return much of those profits to shareholders and continue its $3bn quarterly share buyback programme.The profit haul follows Brent crude – the international benchmark for oil prices – hitting highs of $126 at the end of April after disruption to market flows through the Strait of Hormuz.The narrow waterway, which connects the Persian Gulf and Gulf of Oman, was effectively closed by Iran after war broke out at the end of February.Wael Sawan, the top boss of Shell, said there was “severe disruption in global energy markets” following the war.Shell’s gas production takes a hitThe blue-chip energy firm faced some negative disruption from the conflict, however, as it reported a 30 per cent drop in production from its integrated gas division, compared with the same quarter last year.Shell’s Pearl gas-to-liquids site in Qatar stopped production in March after it was hit during strikes. Liquified natural gas facilities in the country that are partly owned by Shell were also affected.The Pearl site has not been able to produce gas since the missile attack.Tensions in the oil market have returned to levels not seen since the beginning of June over the last week, after both the US and Iran warned that hopes of a return to peace negotiations were premature.The price of Brent crude briefly broke above $100 and has since traded above the $90 mark following the breakdown of peace talks.“Volatility is the new normal,” Sawan told CNBC on Thursday.“What we have been trying to build is a company that is able to thrive through volatility… the macro is such that the commodity prices are high and that provides a very strong tailwind for our results.”By City AMMore Top Reads From Oilprice.comJapan Buys Rare Canadian Oil CargoTaiwan Halts $800 Million in Spot LNG Buys From Papua New GuineaHouthis Claim Attack on Saudi Oil Tanker in Red Sea Download The Free Oilprice App Today Back to homepage