The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photoon 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. headtopics.com
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.Production in the Upstream division was up 3% from the previous quarter to 1.75 million barrels of oil equivalent per day (boed).
Ron has covered since 2014 the world’s top oil and gas companies, focusing on their efforts to shift into renewables and low carbon energy and the sector’s turmoil during the COVID-19 pandemic and following Russia’s invasion of Ukraine. He has been named Reporter of the Year in 2014 and 2021 by Reuters. Before Reuters, Ron reported on equity markets in New York in the aftermath of the 2008 financial crisis after covering conflict and diplomacy in the Middle East for AFP out of Israel. headtopics.com