Total Q2 profit 9.8 bln vs Q1 9 bln
Shell Q2 profit 11.5 bln vs Q1 9.1 bln
Shell to buy back 6 bln in shares, Total 2 bln
Dividends steady Total 0.69 eurshr, Shell 0.25shr

LONDON, July 27 Reuters Europe39;s biggest oil companies Shell and TotalEnergies extended share buybacks on Thursday after their secondquarter profits beat an already recordbreaking previous quarter on the back of soaring crude, gas and oil product prices.

The two companies combined are buying back 8 billion in shares in the third quarter after recording their respective highest quarterly profits while keeping their dividends steady, which might disappoint some investors.

Benchmark Brent crude oil futures have risen more than 140 in the past twelve months, averaging around 114 a barrel in the quarter.

High crude prices normally weigh on refining margins, but tight refined fuel supply supported record profitability in the second quarter, with Shell39;s refining margin virtually tripping to 28 a barrel.

Benchmark European natural gas prices and global liquefied natural gas prices were on average at alltime highs in the quarter.

Boosted by a record quarterly profit of 11.5 billion, Shell is buying back 6 billion of its own shares by late October, it said on Thursday, on the back of an 8.5 billion buyback scheme finished in the first half.

While this is in excess of the company39;s guidance for shareholder returns of up to 30 of cash from operations, Shell did not raise its dividend from its…