Shell’s third quarter profits soar to £5.1bn

The energy giant has announced a $3.5 billion buyback programme set to run for the next three months, increasing the total buybacks for 2023 to around $23 billion

Shell has reported profits of £5.1 billion for the third quarter of 2023.

The company’s CEO, Wael Sawan, announced a $3.5 billion buyback programme, with an anticipated completion date before the end of the fourth quarter in 2023.

In addition to the buyback programme, Shell reported adjusted earnings of $6.2 billion (£5.1bn) for the third quarter, attributed to strong operational performance and the impact of higher oil prices and refining margins.

Cash flow from operations for the quarter was $12.3 billion (£10.1bn), with a $0.4 billion (£0.3bn) working capital inflow, despite higher oil prices.

The company’s total shareholder distributions for the quarter amounted to $4.9 billion (£4.03bn), comprising $2.2 billion (£1.8bn) in dividend payments and $2.7 billion (£2.2bn) in share buybacks.

At the end of the third quarter, Shell’s net debt stood at $40.5 billion (£33.2bn), a slight increase from the end of the second quarter, which was $40.3 billion (£33.1bn).

Shell plc Chief Executive Officer Wael Sawan commented: “Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets.

“We continue to simplify our portfolio while delivering more value with less emissions.”

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