Shell increases share buybacks as robust prices drive profits

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Shell reported adjusted earnings of $6.2bn in the third quarter and increased share buybacks as robust oil prices and higher refining margins helped drive profits.

The earnings, which were in line with market estimates, were down about a third from the $9.5bn reported last year at the height of the energy crisis, but beat the $4.1bn in the same period of 2021.

The biggest contributor to group profits was, once again, Shell’s integrated gas division, which reported earnings of $2.5bn, just short of market estimates of $2.7bn.

Shell left its quarterly dividend unchanged but announced $3.5bn in share buybacks for the next three months, higher than the $3bn of buybacks in the previous quarter.