Energy
Thursday, November 2nd, 2023 2:08 pm EDT
Key Points
- Shell reported a third-quarter profit of $6.2 billion, which, while slightly below analyst estimates, was boosted by higher oil prices and refining margins. The profit was an improvement from the previous quarter but significantly lower than the $9.45 billion reported a year ago, when oil and gas prices surged due to the Russia-Ukraine conflict.
- The company also announced a $3.5 billion share buyback program to be carried out over the next three months. This exceeded the $5 billion share buyback announced in June, reflecting Shell’s strong financial performance.
- Shell’s financial results come amid ongoing criticism and concerns over the pace of the company’s decarbonization efforts. While the company is performing well financially, some shareholders have raised questions about its long-term sustainability goals, particularly in light of its focus on oil and gas production. Despite these concerns, the outlook for oil prices remains positive due to geopolitical factors, suggesting a strong final quarter for Shell.
Shell, the British oil giant, reported a third-quarter profit of $6.2 billion, in line with analyst estimates. The company benefited from higher oil prices and refining margins. The profit figure represents an improvement from the previous quarter but is significantly lower than the $9.45 billion reported a year ago when the Russia-Ukraine conflict led to higher oil and gas prices. Shell also announced a $3.5 billion share buyback program over the next three months, exceeding the $5 billion announced in June. Despite the strong financial performance, Shell has faced criticism over the pace of its decarbonization program, with some shareholders expressing concerns. The company confirmed plans to cut 200 positions within its low-carbon solutions unit in 2024, a move that has raised questions about its long-term sustainability goals. However, the outlook for oil prices remains positive due to geopolitical factors, suggesting a strong final quarter for Shell.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/11/02/shell-posts-6point2-billion-profit-announces-3point5-billion-buyback.html
