Shell beats expectations with $10.8 billion profit, hikes buybacks
SHEL•Shell reported third-quarter profit of $10.81 billion, above the $10.33 billion analyst estimate, and raised its quarterly share buyback to $5 billion from $3 billion. Refining margins hit a record $42 a barrel.
1. Profit beats estimates
Shell reported third-quarter profit of $10.81 billion, its highest since 2022, compared with an average analyst estimate of $10.33 billion. Its integrated gas business earned $3.04 billion, against expectations of $2.93 billion, while upstream profit was $3.19 billion versus an expected $3.10 billion.
2. Buybacks and refining margins
Shell raised its quarterly share buyback to $5 billion from $3 billion. Refining margins reached a record $42 a barrel, compared with $24 a barrel in the previous quarter and $11.60 a barrel a year earlier. The article cited stronger refining margins and higher liquefied natural gas prices as drivers of the results.
