StockMarketWire.com - Oil major Royal Dutch Shell said it would commence up to $1.5 billion of share buybacks on Thursday as part of a plan to return $7 billion to shareholders from proceeds related to the sale of its permian business in the United States.

'The form and timing for distributing the remaining $5.5 billion (together with any unpurchased amount of the $1.5 billion of shares under this tranche) will be announced in early 2022,' the company said.

'These distributions are in addition to our shareholder distributions in the range of 20-30% of cash flow from operations.'

The company will purchase shares for a period up to and including January 28, 2022. Story provided by StockMarketWire.com