Shell to Return $5.5 Billion From Permian Sale Via Buybacks
January 07 2022 - 2:54AM
Dow Jones News
By Jaime Llinares Taboada
Royal Dutch Shell PLC said Friday that it will distribute the
remaining $5.5 billion of proceeds from the sale of its Permian
Basin assets in the U.S. through share buybacks.
The oil-and-gas major said this is in addition to the ordinary
distributions of 20%-30% of cash flow from operations.
Meanwhile, Shell warned that production from its integrated gas
division was hurt by unplanned maintenance in the fourth quarter of
2021. In addition, oil products marketing results are expected to
have worsened, with trading performance significantly below the
third quarter. Chemicals margins and refinery utilization also fell
in the three months ended Dec. 31 compared with the previous
quarter.
On the positive side, trading profits from integrated gas jumped
on quarter as Shell benefited from soaring liquefied natural gas
spot prices.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
January 07, 2022 02:39 ET (07:39 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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