OPINION: US oil giants such as ExxonMobil and Chevron are enjoying much higher share valuations than their European counterparts, based on price-to-earnings ratios.

Speaking after delivering record profits and dishing out more huge payouts to shareholders, Shell chief executive Wael Sawan said he believed the company to be undervalued and added: “This is partly why we are continuing with robust buy-backs.”

In 2022, Shell distributed $26 billion to shareholders — more than 35% of total cash flow from operations — and much was from buy-backs.