Shell Launches $3.5 Bln Buyback After Earnings Rose on Higher Energy Prices -- Update

Shell launched a $3.5 billion share buyback program after third-quarter earnings rose on higher refining margins, oil prices and sales, but slightly missed market expectations.

Last year, Shell posted third-quarter adjusted earnings--a metric that strips out certain commodity-price adjustments and one-time charges--of $9.45 billion as it benefited from exceptionally strong natural gas and fuel demand. Total oil and gas production decreased by 9%, mainly due to more planned maintenance at the Prelude platform offshore Australia, at its Trinidad and Tobago operations, and production-sharing contract effects in the Pearl GTL plant in Qatar.

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