Shell has extended its $3.5 billion quarterly share buyback following a better-than-expected earnings report, driven by record production and improved trading margins, as reported by The Wall Street Journal.
Adjusted earnings for the third quarter rose to $5.43 billion, surpassing analyst expectations. This performance signals a solid rebound for its gas trading division after a volatile second quarter. Key factors included record output in Brazil, two-decade highs in the Gulf, and the strongest marketing earnings in over a decade.
Shell also noted progress on its LNG Canada project, with 13 cargoes delivered and the second phase scheduled to begin later this quarter.
Despite facing lower oil prices and global economic uncertainty, Shell has maintained quarterly buybacks of at least $3 billion for 16 consecutive quarters, repurchasing over a quarter of its shares in the past four years. Analysts highlight Shell's strong balance sheet and steady cash generation as reasons it stands out among major European energy companies.
