Shell reported better-than-expected Q3 earnings driven by strong gas performance, offsetting weak refining margins and prompting a new $3.5 billion share buyback program.
Shell NYSE SHEL reported on Thursday better-than-expected earnings for the third quarter on the back of strong performance in its gas division which offset weak refining margins in the downstream business. Despite the lower crude prices and weaker refining margins, Shell booked adjusted earnings of $6.0 billion, ahead of the analyst consensus estimate of $5.4 billion, and only slightly below the $6.2-billion earnings for the same period of 2023.
5 billion share buyback program, expected to be completed by the Q4 2024 results announcement. Over the last 4 quarters, total shareholder distributions paid were 43% of cash flow from operations CFFO. “We continue to deliver more value with less emissions, whilst enhancing the resilience of our balance sheet. Today, we announce another $3.
Earnings Gas LNG Refining Margins BP Buyback Crude Oil Shareholder
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