2nd Nov 2023 09:01
(Alliance News) - Shell PLC on Thursday announced a new share buyback programme as it reported a quarterly jump in profit and revenue, although underperforming against the third quarter of 2022.
The London-based oil major said in the third quarter of 2023, pretax profit fell to USD11.29 billion from USD11.44 billion, but doubled from USD5.35 billion in the second quarter. Revenue fell 20% annually to USD76.35 billion from USD95.75 billion, but was 2.4% higher than USD74.58 billion in the second quarter.
Income attributable to shareholders rose 4.5% to USD7.04 billion from USD6.74 billion a year prior, and jumped from USD3.13 billion in the second quarter. It was higher due to higher refining margins, an up tick in realised oil prices, higher liquefied natural gas trading and optimisation results and higher Upstream production. It was partly offset by lower Integrated Gas volumes.
Shell declared a third quarter dividend of USD0.331 per share, up 32% from USD0.25 a year ago and in line with its second quarter dividend.
Further, it started a new USD3.5 billion share buyback programme, which it expects to finish before the release of its 2023 result announcement on February 1. It added that it completed its USD3 billion share buyback programme it had announced when it released its half-year results.
Looking ahead, Shell expects a cash capital expenditure of USD23 billion to USD25 billion for 2023, compared to USD24.83 billion in 2022.
Shell shares were 1.4% higher at 2,695.00 pence each on Thursday morning in London.
By Tom Budszus, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Shell