Shell sees profit dip amid weaker crude prices, announces $3.5bn share buyback

Shell (SHEL.L) reported a notable decline in third-quarter profits, driven by weaker crude oil prices, but revealed plans for a $3.5bn share buyback programme, marking the 16th consecutive quarter of such buybacks.

The oil (CL=F, BZ=F) major posted adjusted earnings of $5.4bn (£4.09bn) for the quarter, exceeding analysts' expectations of $5.05bn, according to an LSEG-compiled consensus. A separate forecast from the company had anticipated a third-quarter profit of $5.09bn. This is down from the $6bn Shell (SHEL.L) reported in the same period last year, and $4.26bn in the second quarter of 2023.

Despite the drop in profit, Shell's (SHEL.L) performance continues to outperform its industry peers. The company’s London-listed shares have climbed more than 16% year-to-date.

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"Shell (SHEL.L) 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 Mexico and Brazil," the company said in a statement. "Despite continued volatility, our strong delivery this quarter enables us to commence another $3.5bn of buybacks for the next three months."

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