Shell unveils record profits and begins $6bn buyback programme

Energy giant Shell has posted massive profits of $11.5bn for the second quarter, smashing its previous record three months of trading earlier this year when it reported $9.2bn earnings.

The company’s performance has been driven by soaring commodity prices in an increasingly turbulent economic environment.

The London-listed company has now announced a share buyback programme of $6bn, expected to be completed by the third quarter results announcement later this year.