Shell PLC on Thursday reported third-quarter earnings that fell 18% on quarter, citing lower trading and margins and higher expenses, and kicked off a $4 billion share-buyback program.
Shell said the on-quarter earnings decline reflected lower liquid natural gas trading and optimization results, lower chemicals and refining margins, higher underlying operating expenses and losses from fair value accounting and impairment charges.Adjusted earnings before interest, taxes, depreciation and amortization came in at $21.51 billion, down from $23.15 billion in the second quarter and above market expectations of $20.72 billion, provided by Vara and based on 21 analysts' estimates.
Total production available for sale in the quarter fell 5% on quarter to 2.77 million oil-equivalent barrels a day. In the fourth quarter, production from the integrated gas division is expected to average 910,000-960,000 oil-equivalent barrels a day, while LNG liquefaction volumes are projected at 7.0 million-7.6 million metric tons. Upstream production is seen at 1.75 million-1.95 million oil-equivalent barrels a day.
Gosh, wherever did the find the money to be able to afford that? 😖🤮