Shell Exceeds Expectations in the Third Quarter: $5.43 Billion in Profit

Shell's Third Quarter Financial Performance

As one of the leading players in the energy sector, Shell has announced its financial results for the third quarter of 2023. During this period, the company achieved a net profit of $5.43 billion. However, this figure represents a 9.9 percent decrease compared to the same period last year. Nonetheless, economists participating in a Bloomberg survey had an earnings expectation of $4.74 billion, so Shell exceeded these forecasts.

Quarterly Changes

Compared to the previous quarter, Shell's net profit showed a noteworthy performance with a 27.4 percent increase. However, when looking at the details, the following data stands out:

• Integrated gas profit declined by 25 percent to $2.14 billion.
• Upstream and source revenues saw a 26 percent decrease, reaching $1.80 billion.
• Marketing profit increased by 11 percent compared to the same period last year, reaching $1.32 billion.

Stock Performance and Buyback Plan

Shell's earnings per share were set at 93 cents. Market expectations were, however, that this would be 78 cents. Additionally, the company announced that it would conduct a share buyback worth $3.5 billion over the next three months. In this way, it will continue its tradition of buying back at least $3 billion worth of shares for 16 consecutive quarters.