Higher oil prices boost Shell’s quarterly profit

Higher oil prices boost Shell’s quarterly profit
Higher oil prices boost Shell’s quarterly profit

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The result is in line with economists’ expectations. “Shell has once again achieved strong operational and financial performance,” CEO Wael Sawan said in a statement. Results last quarter were also boosted by higher refining margins and a strong trading result with liquefied natural gas (LNG). Compared to the third quarter of last year, profits fell by about a third.

Revenue rose 2.4 percent from the second quarter to nearly $76.4 billion, but fell sharply compared to the same period last year. At that time, oil prices had risen sharply due to the Russian invasion of Ukraine.

Total oil and gas production fell by approximately 9 percent in the recent period compared to the previous three months. This was partly due to maintenance work at an LNG factory in Australia. Maintenance works in Trinidad and Tobago and lower volumes from Egypt will also have a negative impact on LNG output until the end of the year.

The group is rewarding its shareholders with a share buyback worth $3.5 billion. This brings total purchasing in the second half of the year to $6.5 billion. That is significantly more than the $5 billion announced earlier this year.

Shell’s shares rose 1.5 percent on the London stock exchange on Thursday morning.

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The article is in Dutch

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