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LONDON (Reuters) - Royal Dutch Shelllaunched a long-anticipated $25 billion share buyback programme on Thursday as its debt eased while second quarter profits came in far below forecasts.
The share repurchase programme, promised following the $54 acquisition of BG Group in 2016, is the clearest signal yet that the world's second-largest oil company has recovered from a bruising three-year downturn in the energy sector.
"Today we are taking another important step towards the delivery of our world-class investment case, with the launch of a $25 billion share buyback programme," Chief Executive Ben van Beurden said in a statement.
The share repurchase programme, promised following the $54 acquisition of BG Group in 2016, is the clearest signal yet that the world's second-largest oil company has recovered from a bruising three-year downturn in the energy sector.
"Today we are taking another important step towards the delivery of our world-class investment case, with the launch of a $25 billion share buyback programme," Chief Executive Ben van Beurden said in a statement.