Oil giant Shell announced a $4bn share buyback on Thursday as it posted better-than-expected third-quarter profits.
Adjusted earnings rose to $9.5bn from $4.1bn in the third quarter a year earlier, but were down from the record $11.5bn posted in the second quarter of the year. Analysts had been expecting net earnings of $9bn.
Shell said this was a “robust performance in a turbulent economic environment”, with lower crude prices and higher gas prices compared with the second quarter. The firm also pointed to lower refining margins in the quarter, due to a recovery in global product supply to meet demand.
Shell also announced a $4bn share buyback, expected to be completed by the fourth quarter results announcement, and said it plans to lift the dividend per share by 15% for the fourth quarter.
Chief executive Ben van Beurden said: “We are delivering robust results at a time of ongoing volatility in global energy markets.
“We continue to strengthen Shell’s portfolio through disciplined investment and transform the company for a low-carbon future. At the same time we are working closely with governments and customers to address their short and long-term energy needs.”
