London CNN  — 

Shell has reported a 56% drop in second-quarter profit, as oil and gas prices fell from record highs reached following Russia’s full-scale invasion of Ukraine 17 months ago.

Europe’s largest oil company by revenue reported adjusted earnings of $5.1 billion Thursday during the period — less than half the $11.5 billion it reported a year ago. The result was also driven by lower production volumes and lower margins in its oil refining business, Shell said in a statement.

The company’s stock fell 2% in London.

Shell said it would buy back $3 billion worth of shares over the next three months and, subject to board approval, “at least” $2.5 billion following its third-quarter results.

“Shell delivered strong operational performance and cash flows in the second quarter, despite a lower commodity price environment,” CEO Wael Sawan said.

— This is a developing story and will be updated.