Shell posts record earnings again as energy prices soar

LONDON (AP) — Shell posted record profits Thursday for a second straight quarter as the energy giant benefited from soaring prices of oil and natural gas fueled by Russia’s war in Ukraine. London-based Shell said it’s second-quarter adjusted earnings rose to $11.5 billion from $5.5 billion in the same three-month period last year. The latest earnings smash its record of $9.1 billion set in the previous quarter. Shell also said it would buy back another $6 billion in shares. Russia’s invasion of Ukraine has sent oil and natural gas prices soaring as nations spurned Russian energy and supply reductions wreaked havoc in markets. The price increases are driving global inflation, while boosting profits at energy companies.