Shell extended its $3.5 billion quarterly share buyback after reporting stronger-than-expected earnings, lifted by record production and improved trading margins, The Wall Street Journal writes.
Adjusted earnings climbed to $5.43 billion in the third quarter, beating analyst forecasts and marking a solid rebound for its gas trading division following a volatile second quarter. Shell cited record output in Brazil and two-decade highs in the Gulf, along with the highest marketing earnings in more than a decade.
The company’s LNG Canada project ramped up, with 13 cargoes delivered and phase two set to start later this quarter.
Despite weaker oil prices and global economic uncertainty, Shell has now maintained at least $3 billion in quarterly buybacks for 16 straight quarters—repurchasing over one-quarter of its shares in four years. Analysts say Shell’s strong balance sheet and steady cash generation make it a standout among European energy majors.
