Shell Plc reported second-quarter adjusted earnings of $4.26 billion, a 32% year-on-year decline that nevertheless beat analysts’ $3.74 billion consensus. The London-based major will keep repurchasing $3.5 billion of shares over the next three months—its 15th consecutive quarter of at least $3 billion in buybacks—after strong operating cash flow and cost controls helped cushion the impact of weaker commodity prices and softer gas-trading results. The results echo those of rival TotalEnergies SE, which a week earlier posted a roughly 25% drop in profit to about $3.6 billion. The French company is pressing ahead with $2 billion of share repurchases each quarter and has raised its dividend 7.6%, even as rising net debt and a subdued oil-price environment weigh on its balance sheet. In its earnings report, TotalEnergies warned that OPEC+ production increases and slowing global growth could create an oil supply glut. Taken together, the latest numbers show Europe’s biggest energy producers continuing aggressive shareholder-return programmes despite a sharp pullback in earnings. Managements are betting that disciplined spending and robust cash generation can support dividends and buybacks even if crude prices remain under pressure.