Shell reported a profit of $11.5 billion in second quarter, beating its previous record achieved three months ago thanks to a tripling of refining profits and strong gas trading, Reuters reported.

In addition, the company announced a share buyback program of $6 billion for the current quarter, without raising its dividend of 25 cents. It said shareholder returns would remain “in excess of 30% of cash flow from operating activities”.

Energy companies’ profits have soared after a two-year slump due to a rapid recovery in demand after the end of pandemic lockdowns and a surge in energy prices, caused by the Russian invasion of Ukraine.

During the first half of 2022, Shell bought back $8.5 billion of shares, a large part of which came from the sale of its onshore shale business to ConocoPhillips last year.

Refining profit margins tripled in the quarter to $28 per barrel. They have weakened substantially in recent weeks amid signs of easing gasoline demand in the United States and Asia.

Shell said its refinery utilization would increase to 90-98% in the third quarter, compared with 84% in the second quarter.

Its oil and gas production in the second quarter was down 2% from the previous quarter to 2.9 million barrels of oil equivalent per day (boepd).