Shell Q3 Earnings Rise Driven by Record Refining Margins and Announces $5 Billion Buyback
Shell (SHEL) reported third-quarter adjusted earnings of $10.8 billion, an increase from $9.8 billion in the previous quarter. The growth was primarily driven by the Chemicals & Products segment, which benefited from record global indicative refining margins that reached $42 per barrel, up significantly from $24 per barrel in Q2. While upstream earnings faced headwinds from lower oil prices and higher well write-offs, Integrated Gas saw gains due to higher natural gas and LNG prices. To capitalize on the strong performance, Shell announced a $5 billion share buyback program for the upcoming three months. Investors should note that while results are strong, these record margins are historically unsustainable, and a significant non-cash loss related to a Netherlands pension plan is expected in Q4.
Topics: cash flow earnings report refining margins stock buyback
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