Shell puts billions into share buyback scheme after gas field sale

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DPA

The oil giant Royal Dutch Shell said on Friday that it will press ahead “at pace” with the 7-billion-dollar share buyback programme it announced last year. The distribution of 5.5 billion dollars will come from the sale of a shale gas deposit in the US state of Texas in September, the company said in a statement from The Hague. The shale gas deposit is located in the Permian Basin in West Texas. Shell sold it for 9.5 billion dollars to US oil company ConocoPhillips. Seven billion dollars of the proceeds were earmarked for share buybacks; the rest was allocated to strengthen the company’s own b…

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