Subscribe Login
Supply Chain

Shell Gives Employees 8% Bonus After Record Profit

Shell will give its employees a one-off 8% bonus after the energy giant reported two consecutive quarters of record profit, the company said on Thursday.

The bonus will apply to the vast majority of Shell's 82,000 employees but will exclude senior management of executive vice president level and higher.

"The award enables those employees to share in our current operational and financial success – it is not a response to inflation or cost-of-living challenges," a spokesperson said in a statement.

The British oil and gas giant last week reported a second consecutive quarter of record profits, lifted by soaring energy prices and refining margins.

Share Buybacks

On the 28 June, Shell and TotalEnergies announced that they were extending share buybacks after their second-quarter profits beat an already record-breaking previous quarter on the back of soaring crude, gas and oil product prices.

The two companies combined are buying back $8 billion in shares in the third quarter after recording their respective highest quarterly profits while keeping their dividends steady, which might disappoint some investors.

Benchmark Brent crude oil futures have risen more than 140% in the past twelve months, averaging around $114 a barrel in the quarter.

High crude prices normally weigh on refining margins, but tight refined fuel supply supported record profitability in the second quarter, with Shell's refining margin virtually tripping to $28 a barrel.

Read More: Shell, Total Continue Buyback Bonanza After Record Profits

News by Reuters, edited by Donna Ahern, Checkout. For more Supply Chain stories, click here. Click subscribe to sign up for the Checkout print edition.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

LIMITED TIME OFFER: 20% Off Our Premium Subscription
Enjoy full access to all website and app content, our weekly email news digest, and to Checkout Magazine 12 times a year (including our Top 100 Brands 2022 edition).
LIMITED TIME OFFER: 20% Off Our Premium Subscription
LIMITED TIME OFFER: 20% Off Our Premium Subscription
Enjoy full access to all website and app content, our weekly email news digest, and to Checkout Magazine 12 times a year (including our Top 100 Brands 2022 edition).
LIMITED TIME OFFER: 20% Off Our Premium Subscription