Shell plans to spend a total of seven billion on share buybacks.
(Photo: Reuters)
The hague As announced, the Shell oil company is using further billions for a share buyback. The $ 5.5 billion came from the sale of a shale gas deposit in the US state of Texas in September.
These funds are now to be used quickly for the buybacks, as Shell announced on Friday in The Hague.
The shale gas occurrence is located in the Permian Basin in western Texas. Shell sold it to US oil company ConocoPhillips for $ 9.5 billion in September.
Of the proceeds, seven billion dollars are earmarked for share buybacks, the rest should strengthen its own balance sheet, it said in September.
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