Shell reports $6.2bn earnings in 3QCY23, boosted by refining, LNG

November 02, 2023 (MLN): Shell on Thursday reported third-quarter earnings of $6.2 billion, in line with expectations, on higher refining margins and strong liquefied natural gas (LNG) trading, as Reuters reported.

The company announced share buybacks of $3.5 billion over the next three months, up from $2.7bn in the previous three months. It maintained its dividend unchanged at $0.331 per share.

Shell reported adjusted earnings of $6.22bn, broadly in line with a company-provided analysts' forecast of $6.25bn.

That compared with quarterly earnings of $9.45bn a year earlier and $5bn in the second quarter of 2023.

"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," CEO Wael Sawan said in a statement.

Production at Shell's Integrated Gas division was down 9% from the previous quarter due to maintenance at its Prelude floating LNG facility off Australia, as well as sites in Trinidad and Tobago and Qatar, it said.

LNG liquefaction volumes fell by 4% mainly due to higher maintenance at Prelude.

Production in the upstream division was up 3% from the previous quarter to 1.75 million barrels of oil equivalent per day (boed).

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