Shell posted stronger-than-expected profits for the past three months, beating analyst forecasts with adjusted earnings of 5.43 billion US dollars (£4.1 billion). The oil giant announced it will return another 3.5 billion US dollars to shareholders through buybacks over the next three months.
The earnings marked a 27% increase from the previous quarter. However, the figure remained below the 6 billion dollars (£4.6 billion) Shell earned in the same period last year.
Chief Executive Wael Sawan said: «Shell delivered another strong set of results, with clear progress across our portfolio and excellent performance in our marketing business and deepwater assets in the Gulf of America and Brazil.» He added: «Despite continued volatility, our strong delivery this quarter enables us to commence another 3.5 billion US dollars of buybacks for the next three months.»
Performance Drivers
The FTSE 100 company's robust quarterly performance was driven by higher sales volumes and trading margins. Shell's marketing business and deepwater assets in the Gulf of America and Brazil showed excellent results.
Shell benefited from tax write-offs worth 161 million dollars. These gains were partially offset by higher depreciation, depletion, and amortisation expenses.
Note: This article was created with Artificial Intelligence (AI).
