Big oil posts record profits as pump prices surge

STORY: Big oil firms are raking in the cash as pump prices surge.

Shell on Thursday (July 28) posted a record second-quarter profit of $11.5 billion.

That smashed the previous record, set just three months earlier.

The firm benefited from a rapid rebound in demand after the end of global lockdowns.

Crude prices have also surged amid the conflict in Ukraine.

Shell announced a $6 billion share buyback, but didn’t raise its dividend.

Shares in the company were up over 1% in early trades on Thursday.

It was a similar story over at rival TotalEnergies.

The French firm posted a record profit of $9.8 billion for the quarter.

It too is accelerating share buyback plans.

The story is likely to continue on Friday (July 29), when U.S. majors Exxon Mobil and Chevron are due to report.

Earlier this month Exxon said it could post its strongest ever quarter, with profits potentially exceeding $16 billion.

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