Oil giant Shell launches $3.5 billion share buyback as profit beats
Shell gas station logo on display in Austin, Texas on February 13, 2025.
Brandon Bell | Getty Images News | Getty Images
British oil expert Shell It reported stronger-than-expected third-quarter profit on Thursday, citing strong operational performance and higher trading contributions.
Shell reported adjusted earnings of $5.4 billion for the quarter, beating analysts’ expectations of $5.05 billion, according to a consensus compiled by LSEG. A separate analyst estimate provided by the company, to put Shell’s third quarter profit is expected to be $5.09 billion.
The London-based firm reported adjusted earnings of $4.26 billion for the April-June period of this year, up $6 billion from the same period last year.
“Shell has delivered another strong set of results, with clear progress across our portfolio and excellent performance across our Marketing businesses and deepwater assets in the Gulf of America and Brazil,” Shell CEO Wael Sawan said in a statement. he said.
The company also announced that it will repurchase another $3.5 billion in shares over the next three months, maintaining the pace of shareholder returns. The company announced it was celebrating its 16th consecutive quarter with buybacks worth at least $3 billion.
Meanwhile, the company’s net debt fell from $43.2 billion on a quarterly basis to $41.2 billion at the end of the third quarter.
The price of Shell’s London-listed shares has risen more than 16% since the beginning of the year, outpacing its industry rivals.
The results came after the Norwegian energy company Ekinor on wednesday sent There was a faster-than-expected decline in third-quarter profit, with adjusted operating income of $6.21 billion in the July-September period.
US oil majors ExxonMobil And Strip Both are scheduled to report third-quarter results on Friday. blood pressure He will do the same thing on Tuesday.
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