Shell announce new pensions measure as rising oil prices boost fortunes

Shell was originally due to start the increased payouts to shareholders at the end of the year. Analysts believe that share buybacks alone could be worth more than £1.5billion a year to its investors.

Shell said the move was due to “strong operational and financial delivery, combined with an improved macro-economic outlook”. The oil giant suffered a brutal 2020, losing £15.7billion due to the economic disruption caused by the pandemic.

However, its fortunes have been revived by a combination of cuts, asset sales and the price of crude oil rocketing from a low of $21.44 per barrel in April last year to a high of $76 this month.