(Graphic: Shell's profits hit new record Shell's profits hit new record, ) High crude prices normally weigh on refining margins, but tight refined fuel supply supported record profitability in the second quarter, with Shell's refining margin virtually tripping to $28 a barrel.īenchmark European natural gas prices and global liquefied natural gas prices were on average at all-time highs in the quarter.īoosted by a record quarterly profit of $11.5 billion, Shell is buying back $6 billion of its own shares by late October, it said on Thursday, on the back of an $8.5 billion buyback scheme finished in the first half. The two companies combined are buying back $8 billion in shares in the third quarter after recording their respective highest quarterly profits while keeping their dividends steady, which might disappoint some investors.īenchmark Brent crude oil futures have risen more than 140% in the past twelve months, averaging around $114 a barrel in the quarter. LONDON (Reuters) - Europe's biggest oil companies Shell (LON: RDSa) and TotalEnergies extended share buybacks on Thursday after their second-quarter profits beat an already record-breaking previous quarter on the back of soaring crude, gas and oil product prices. FILE PHOTO: The Royal Dutch Shell logo is seen at a Shell petrol station in London, UK, January 31, 2008.