Shell launches $1.5bn buyback from Permian sale
Shell 'A'
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Royal Dutch Shell has launched a $1.5bn share buyback as the first stage of returning cash to shareholders from the sale of its Permian business in the US.
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Shell said the buyback would last until 28 January. The FTSE 100 oil group said it would announce the form and timing for returning a further $5.5bn from the Permian sale to shareholders, plus any unused funds from the buyback, in early 2022.
Shell completed the $9.5bn sale of its Permian Basin operations to ConoCoPhillips on 1 December as part of a move away from oil and gas to renewable energy. The company is using the rest of the money to strengthen its balance sheet.