SHELL has posted record second quarter profits totalling $11.5 billion (£9.5bn).

It comes after the energy giant grew first quarter profits to $9.1 billion (£7.3bn).

The energy giant is also increasing shareholder distributions through a $6 billion (£5bn) share buyback programme which is expected to be completed by Q3 2022 results.

Stuart Lamont, investment manager at Brewin Dolphin, said: “The strong oil price backdrop has helped Shell deliver a blockbuster set of results.

"The dividend may have remained the same, but the share buyback programme is positive news for shareholders.” 


READ MORE: Shell profits hit 14-year high


Ben van Beurden, Shell chief executive, said: "With volatile energy markets and the ongoing need for action to tackle climate change, 2022 continues to present huge challenges for consumers, governments, and companies alike.

"Consequently, we are using our financial strength to invest in secure energy supplies which the world needs today, taking real, bold steps to cut carbon emissions, and transforming our company for a low-carbon energy future.

"And, crucially, our Powering Progress strategy is delivering strong results for our shareholders on the back of years of portfolio high grading, combined with robust operational performance."

Freya Aitchison, Friends of the Earth Scotland’s oil and gas campaigner said Shell's profit level "is a clear sign that our broken energy system is completely unfit for purpose", adding that "rising energy prices are a key driver of the cost of living crisis that has plunged millions of people in the UK into fuel poverty".

Shares in Shell were up nearly 2% this morning.