Shell Launches $3.5 Bln Buyback After Earnings Rose on Higher Energy Prices - The Wall Street Journal
Shell Launches $3.5 Bln Buyback After Earnings Rose on Higher Energy Prices - WSJ
Updated Nov. 2, 2023 3:47 am ET
Shell launched a $3.5 billion share buyback program after third-quarter earnings rose on higher refining margins, oil prices and sales, but slightly missed market expectations.
The London-based company on Thursday reported adjusted earnings of $6.22 billion for the quarter, up from $5.07 billion in the preceding quarter, but slightly missing market expectations of $6.25 billion provided by Vara Research.
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Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.