May 22, 2024
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OIL & GAS

Shell Reports Solid Q3 Earnings

Global energy giant, Shell, has on Thursday made a press release explaining its third-quarter financial report, showing earnings of $6.2 billion, aligning with market expectations. The company attributed this performance to higher refining margins and robust liquefied natural gas (LNG) trading.

These figures show a significant improvement in financial performance when compared to quarterly earnings of $9.45 billion a year ago and $5 billion in the second quarter of 2023, according to Reuters.

This positive outcome has prompted Shell to announce a $3.5 billion share buyback program over the next three months, reflecting the company’s commitment to delivering value to its shareholders. This increase in buybacks, up from $2.7 billion in the previous quarter, reflects the company’s strong financial position.

Shell’s CEO, Wael Sawan, expressed satisfaction with the quarter’s performance. “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.”

Production in the Upstream division was up 3% from the previous quarter to 1.75 million barrels of oil equivalent per day.

Previously, production at Shell’s Integrated Gas division was down 9% in the last 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 also fell by 4% mainly due to higher maintenance at Prelude.

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