Shell Launches $3.5 Billion Share Buyback as Quarterly Profit Tops Forecasts

Shell posted adjusted earnings of $5.4 billion for the third quarter, above the $5.05 billion forecast from analysts. The result reflects stronger operational performance, higher trading activity, and solid output from its deepwater projects in the Gulf of Mexico and Brazil.

CEO Wael Sawan said the company is showing “clear progress across our portfolio,” highlighting particularly strong results in its marketing business. Shell’s net debt fell to $41.2 billion from $43.2 billion in the previous quarter.

To reward investors, Shell announced a new $3.5 billion share buyback over the next three months, maintaining a streak of 16 consecutive quarters of at least $3 billion in repurchases. Shares in London have risen more than 16% so far this year, outperforming most energy peers.

The results come as global oil majors report mixed earnings. Norway’s Equinor recently posted a sharper decline in profit, while U.S. giants ExxonMobil and Chevron, along with BP, are set to release their quarterly results in the coming days.