02 nov 2023 om 09:14
Shell benefited from higher oil prices in the third quarter, while also increasing oil production. Partly as a result, the energy company’s profit amounted to 6.2 billion dollars (more than 5.8 billion euros).
Furthermore, the recently fully British company achieved good results in, among other things, trading in liquefied natural gas (LNG). As a result, profits were higher than in the second quarter.
However, the results were less than last year. At that time, gas prices in particular were unprecedentedly high, while oil was also expensive. As a result, the company achieved a record profit of more than $40 billion for the entire year.
Shell also announced on Thursday that it will buy back its own shares for 3.5 billion dollars. This is on top of an earlier share purchase of $3 billion this year. Companies often do this to reward their shareholders.
Last week it was announced that Shell is cutting two hundred jobs at its hydrogen division. The employees in question can probably work elsewhere in the company.
Tags: Higher oil prices ensure significant profits Shell Economy
