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By Shubhangi Mathur, 3:01 PM ET
Oil giantRoyal Dutch Shell on Thursday reported better-than-expected quarterly earnings.
The companyreported adjusted earnings of $5.5 billion in the second-quarter as compared to$638 million in the same period last year. According to Refinitiv, analystsexpected adjusted earnings of $5.1 billion.
Shellincreased its dividend for the second consecutive quarter to 24 cents, anincrease of 38% from the last quarter.
The companyalso announced share buyback program of $2 billion which the company aims tocomplete by the end of 2021.
“We have to make sure that our current shareholder base ispleased with what we do in terms of payouts,” Shell CEO Ben van Beurden,reported CNBC.
“We have to have a strong cash generative business that alsofunds the company for the future, but at the same time we have to build abusiness that is future-proof.”
Shares of Shell rose over 4.5% during early afternoon tradein London.
(Withinputs from CNBC)
PictureCredits: CNBC