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Shell vows a return for investors from its ‘obscene’ profits

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Shell vows a return for investors from its ‘obscene’ profits

Shell’s profits more than doubled to a high of $11.5 billion in the second quarter as it benefited from surging oil, gas and fuel prices after Russia’s invasion of Ukraine.

The FTSE 100 oil company said it would increase returns to investors by buying back $6 billion of shares over the coming three months.

Shell faced a backlash for what critics called “obscene” profits, which come after petrol prices hit record highs and as households face a crippling rise in energy bills that is forecast to push millions of people into poverty this winter.

Ben van Beurden, the chief executive, admitted it was “a difficult period for a lot of people” because of high energy prices, but said: “These are global phenomena, there’s…

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