(Sharecast News) – Oil giant Shell posted third-quarter adjusted earnings of $6.2bn on Thursday, as it announced a $3.5bn share buyback over the next three months.
Earnings were up from $5.1bn in the previous three months, but down from $9.5bn in the same period a year earlier, and only slightly behind expectations of $6.48bn.
Shell said the results reflected a “robust” operational performance, and higher oil prices and refining margins.
It also noted that the $3.5bn share buyback brings the buybacks for the second half to $6.5bn, which is well in excess of the $5bn announced at the capital markets day in June, and takes the total announced for 2023 to around $23bn.
Chief executive Wael Sawan said: “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.”
