Earnings

Shell posts $6.2 billion profit, announces $3.5 billion share buyback

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People pump gas into their vehicles at a Shell petrol station on October 2, 2023 in Alhambra, California. 

Frederic J. Brown | Afp | Getty Images

British oil giant Shell on Thursday reported $6.2 billion profit for the third quarter, roughly in line with estimates, as the company benefited from higher oil prices and refining margins.

Analysts expected adjusted earnings of $6.48 billion, according to an LSEG-compiled consensus.

Profit was higher than the $5.1 billion of the second quarter, but marked a sharp decline from the $9.45 billion reported a year ago, when the Russia-Ukraine conflict bolstered oil and gas prices.

The company also announced a $3.5 billion share buyback to be carried…



Source cnbc.com

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