Shell reports $6.2 bln third-quarter profit, boosts buybacks
LONDON, Nov 2 (Reuters) — Shell on Thursday reported third-quarter earnings of $6.2 billion, in line with expectations, on higher refining margins and strong liquefied natural gas (LNG) trading.
The company announced share buybacks of $3.5 billion over the next three months, up from $2.7 billion in the previous three months. It maintained its dividend unchanged at $0.331 per share.
Shell reported adjusted earnings of $6.22 billion, broadly in line with a company-provided analysts’ forecast of $6.25 billion.
That compared with quarterly earning of $9.45 billion a year earlier and $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% 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.
LNG liquefaction volumes fell by 4% mainly due to higher maintenance at Prelude.
Production in the Upstream division was up 3% from the previous quarter to 1.75 million barrels of oil equivalent per day (boed).
(Reporting by Ron Bousso and Shadia Nasralla; editing by Jason Neely)
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.