Shell’s third-quarter earnings doubled year over year, supported by higher LNG prices, strong refining margins and operational performance. The company raised its quarterly share buyback to $5 billion and announced a three-month program, while continuing investment in gas and LNG projects.
Shell Plc announced a big increase in its share buyback as Iran war and the Russia-Ukraine conflict led to record margins for its oil-refining business and surging profit.
Energy firm to return $5bn to shareholders as climate campaigners criticise high profits Shell has doubled its profits in the last quarter after the Middle East conflict drove up the price of oil and gas and created shortages in the global market.
Record refining margins and higher LNG and gas prices boosted Shell’s third-quarter earnings to over $10.8 billion, nearly double compared to the same period last year, as the Middle East crisis squeezed fuel supplies and hiked oil and gas prices. Shell on Thursday reported adjusted earnings of $10.
