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HomeTop Global NewsShell posts $6.2 billion profit, announces $3.5 billion share buyback

Shell posts $6.2 billion profit, announces $3.5 billion share buyback

People pump gas into their vehicles at a Shell petrol station on October 2, 2023 in Alhambra, California. 

Frederic J. Brown | Afp | Getty Images

British oil giant Shell on Thursday reported $6.2 billion profit for the third quarter, roughly in line with estimates, as the company benefited from higher oil prices and refining margins.

Analysts expected adjusted earnings of $6.48 billion, according to LSEG data.

The company also announced a $3.5 billion share buyback to be carried out over the next three months.

Energy majors are coming off the back of a record year for profits, which was fuelled by soaring fossil fuel prices.

BP on Tuesday posted a year-on-year fall in third-quarter profit from $8.15 billion to $3.293 billion, below analyst estimates.

Oil prices rose sharply through the quarter on the back of factors including Saudi Arabian and Russian supply cuts, while the International Energy Agency has said oil markets will remain on edge amid the escalation in conflict in the Middle East.

This is a breaking news story and will be updated shortly.

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