Shell PLC (LSE:SHEL, NYSE:SHEL) announced another $3.5 billion share buyback as it reported stronger profits than expected for the third quarter.
The FTSE 100-listed oil major said the buyback, which followed $5.7 billion of shareholder distributions in the quarter after it repurchased $3.6 billion of shares and paid out $2.1 billion in dividends, is expected to be completed by the fourth quarter results announcement.
Adjusted earnings came to $5.4 billion for the third quarter, down from $6 billion last year but up from the $4.26 billion in this year’s second quarter and beating the City consensus forecast of just below $5.1 billion.
Shell CEO Wael Sawan said it was "another strong set of results, with clear progress across our portfolio and excellent performance in our Marketing business and deepwater assets in the Gulf of America and Brazil.
"Despite continued volatility, our strong delivery this quarter enables us to commence another $3.5 billion of buybacks for the next three months."
The realised selling price of oil averaged $58 a barrel in the quarter, down from $60 in Q2, while the realised gas price rose to $7,300 from $7,200 per standard cubic foot