Shell's third-quarter earnings rose on higher refining margins, oil prices and gas and oil sales, while it launched a $3.5 billion share buyback program.
The energy giant on Thursday reported adjusted earnings of $6.22 billion for the quarter, up from $5.07 billion in the preceding quarter, but a slight miss to market expectations of $6.25 billion provided by Vara Research. The oil-and-gas major launched a $3.5 billion share buyback to complete by its fourth-quarter results announcement, following buybacks of $3 billion during the third quarter. Shell had guided for a buyback program of at least $2.5 billion.
Overall, Shell's third-quarter profit on a current cost of supplies basis--a figure similar to the net income that U.S. oil companies report--was $6.15 billion, up from $3.49 billion in the second quarter.
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Investingcom - 🏆 450. / 53 Read more »
Source: AllSidesNow - 🏆 572. / 51 Read more »
Source: CNBC - 🏆 12. / 72 Read more »
Source: THR - 🏆 411. / 53 Read more »