Shell Beats Estimates With $10.8 Billion Profit, Raises Buybacks
· Business · Reuters, Wall Street Journal
Shell reported an adjusted profit of $10.8 billion for the third quarter, surpassing analyst estimates of about $10 billion. The energy major increased its share buyback programme by $3.5 billion to $5 billion for the fourth quarter and raised its dividend by 4 percent. Strong liquefied natural gas trading and refining margins drove the beat despite lower oil and gas prices. Chief Executive Wael Sawan said the company remains focused on disciplined capital allocation and shareholder returns. Shell's total shareholder distributions for 2024 are now expected to reach $23 billion to $24 billion. The company maintained its 2024 capital expenditure guidance of $22 billion to $25 billion.
Why it matters
The higher buybacks and dividend signal confidence in cash flow, benefiting global investors including Indian mutual funds and pension holders with Shell exposure. Strong LNG earnings highlight the fuel's growing role in the energy transition, a sector Indian firms are also targeting.
Read the original report — Reuters
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