{"id":31498,"date":"2023-11-02T08:19:00","date_gmt":"2023-11-02T08:19:00","guid":{"rendered":"https:\/\/microloannexus.com\/news\/shell-posts-6-2-billion-third-quarter-profit-announces-3-5-billion-share-buyback\/"},"modified":"2023-11-02T08:19:02","modified_gmt":"2023-11-02T08:19:02","slug":"shell-posts-6-2-billion-third-quarter-profit-announces-3-5-billion-share-buyback","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=31498","title":{"rendered":"Shell posts $6.2 billion third-quarter profit, announces $3.5 billion share buyback"},"content":{"rendered":"
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British oil giant\u00a0Shell 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. <\/p>\n

Analysts expected adjusted earnings of $6.48 billion, according to an LSEG-compiled consensus. <\/p>\n

Profit was higher than the $5.1 billion of the second quarter, but marked a sharp decline from the $9.45 billion reported a year ago, when the Russia-Ukraine conflict bolstered oil and gas prices. <\/p>\n

The company also announced a $3.5 billion share buyback to be carried out over the next three months. Shell CEO Wael Sawan said the $6.5 billion set for the second half of the year was now “well in excess” of the $5 billion announced in June. <\/p>\n

“Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets,” Sawan said in a statement.<\/p>\n

Free cash flow fell from $12.1 billion in the second quarter to $7.5 billion. Cash capital expenditure rose from $5.1 billion to $5.6 billion. <\/p>\n

Energy majors are coming off the back of a record year for profits, which was fuelled by soaring fossil fuel prices. <\/p>\n

BP\u00a0on Tuesday posted a year-on-year fall in third-quarter profit from $8.15 billion to $3.293 billion, below analyst estimates, though France’s TotalEnergies