Shell, the energy giant, reported a significant increase in earnings for the third quarter of the year. This surge was driven by higher refining margins, oil prices, and increased sales of gas and oil. Additionally, the company announced a $3.5 billion share buyback program.
Adjusted earnings for the quarter reached $6.22 billion, compared to $5.07 billion in the previous quarter. However, this figure fell just short of market expectations, which were projected at $6.25 billion by Vara Research.
Shell’s share buyback program is scheduled to be completed by the announcement of its fourth-quarter results. During the third quarter alone, the company had already initiated buybacks worth $3 billion, surpassing its initial guidance of at least $2.5 billion.
On a current cost of supplies basis, which is similar to net income reported by U.S. oil companies, Shell’s third-quarter profit stood at $6.15 billion. This marked a substantial increase from the $3.49 billion recorded in the second quarter.
Overall, Shell’s robust performance highlights the favorable market conditions and strategic decisions that have contributed to its success.
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