Home Business News Shell’s profits slump by a third

Shell’s profits slump by a third

by LLB Finance Reporter
2nd Nov 23 10:44 am

Shell’s adjusted earning dropped by 34% over the third quarter to £5.1 billion which was £19.7 million behind expectations.

Shell’s earnings rose unlike the second quarter due to higher oil prices, more production with their upstream unit and higher margins at refining plants.

Chief executive Wael Sawan said, “Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets.

“Shell is commencing a 3.5-billion-dollar buyback programme for the next three months, bringing the buybacks for the second half of 2023 to 6.5 billion dollars, well in excess of the 5 billion dollars announced at capital markets day in June.”

Shareholders were returned with £18.9 billion, Shell’s chief executive officer said.

Jonathan Noronha-Gant a campaigner at Global Witness criticised the payouts, he said,  “Shell’s shareholders remain some of the biggest winners of Russia’s brutal war in Ukraine and ongoing global instability.

“The turmoil in fossil fuel markets allows Shell to rake in enormous profits – but instead of investing in clean energy, the company has doubled down on oil, gas, and shareholder pay-outs.”

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