LONDON: Shell announced third-quarter profits of $6 billion, beating analyst expectations by 12%, thanks to a strong performance from its liquefied natural gas (LNG) division, which countered weak results in refining and trading. This robust showing, combined with reduced debt and strong cash flow, is seen as bolstering CEO Wael Sawan’s focus on high-return areas like oil, gas, and biofuels to drive company growth through 2025.
Despite a nearly 70% annual profit drop in Shell’s refining and chemicals sector due to declining global refining margins, the 13% increase in LNG profits helped balance overall performance. Shell’s adjusted earnings reached $6.03 billion, surpassing forecasts of $5.36 billion, though down 3% from last year.
The company also announced a $3.5 billion share buyback plan over the next quarter and maintained its dividend at 34 cents per share. Barclays analysts noted the “consistency in performance,” which they consider a positive signal for investors.
