Shell reports US$6.2 billion Q3 profit, boosts buybacks

SHELL on Thursday (Nov 2) reported third-quarter earnings of US$6.2 billion, in line with expectations, on higher refining margins and strong liquefied natural gas (LNG) trading.

The company announced share buybacks of US$3.5 billion over the next three months, up from US$2.7 billion in the previous three months. It maintained its dividend unchanged at US$0.331 per share.

Shell reported adjusted earnings of US$6.22 billion, broadly in line with a company-provided analysts’ forecast of US$6.25 billion.

That compared with quarterly earning of US$9.45 billion a year earlier and US$5 billion in the second quarter of 2023.

“Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets. We continue to simplify our portfolio while delivering more value with less emissions,” CEO Wael Sawan said in a statement.

Production at Shell’s Integrated Gas division was down 9 per cent from the previous quarter due to maintenance at its Prelude floating LNG facility off Australia, as well as sites in Trinidad and Tobago and Qatar, it said.

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LNG liquefaction volumes fell by 4 per cent mainly due to higher maintenance at Prelude.

Production in the Upstream division was up 3 per cent from the previous quarter to 1.75 million barrels of oil equivalent per day. REUTERS