Shell Plc has posted a profit of $6.2 billion, representing a 34.2% year-on-year decline from the figure recorded in Q3 2022 which however, was a 23% growth from the figure recorded in Q2 2023.
According to its quarterly financial results for Q3 2023 released on Thursday, the British oil major further announced a $3.5 billion share buyback program to be completed by the fourth quarter results announcement.
Shell Plc’s Chief Executive Officer, Wael Sawan, commended the company for its performance in Q3 2023.
He said: “Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets. We continue to simplify our portfolio while delivering more value with less emissions.
“Shell is commencing a $3.5 billion buyback program for the next three months, bringing the buybacks for the second half of 2023 to $6.5 billion, well over the $5 billion announced at Capital Markets Day in June. This takes total announced shareholder distributions for 2023 to ~$23 billion.”
According to the quarterly financial results for Q3 2023, the company posted a net income attributable to shareholders of $7.04 billion, representing a year-on-year increase of 4.5% from the corresponding quarter in 2022; while it was a 125% quarter-on-quarter from Q2 2023.
Its adjusted earnings of $20.9 billion for the nine months ending September 2023 was a 30% decrease from the same period in 2022.
