The Shell logo on an oil storage silo, behind tanker rail cars at the company’s Beernes refinery in Rotterdam, Netherlands, Sunday, October 23, 2022.
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Great British Oil Company coincidence The company reported third-quarter earnings Thursday, but lower refining and trading revenue ended its record quarterly earnings streak.
Shell reported adjusted profit of $9.45 billion for the three months to the end of September, meeting analysts’ expectations of $9.5 billion according to Refinitiv. The company reported an adjusted profit of 4.1 dollars Billion During the same period last year and achieved great success $11.5 billion for the second quarter of 2022.
The oil giant said it plans to increase its dividend per share by about 15% for the fourth quarter of 2022, to be paid in March 2023. It also announced a new share buyback program, which is set to result in an additional $4 billion in dividends and is expected to be completed. by its next earnings release.
Shell shares are up more than 41% since the start of the year.
The London-based oil major reported consecutive quarterly record profits for the first six months of the year, benefiting from higher commodity prices in the wake of the Russian invasion of Ukraine.
coincidence warned However, in an update earlier this month, lower refining and chemicals margins and weaker gas trading are likely to negatively impact third-quarter earnings.
The company said on Thursday that the recovery in global product supply contributed to the decline in refining margins in the third quarter, and gas trading profits also declined.
“Trading and optimization contributions were primarily impacted by a combination of seasonality and supply constraints, along with material differences between paper and physical deliverables in a volatile and volatile market,” Shell said in its earnings statement.
The group’s results come shortly after it announced CEO Ben van Beurden He will step down at the end of the year After nearly a decade at the helm.
Wael Sawan, Shell’s current Director of Gas Solutions, Renewable Energy and Integrated Energy, will become the company’s next CEO on January 1.
A Lebanese and Canadian national, Sawan has held positions in retail and various commercial projects during his 25-year career at Shell.
“I look forward to channeling the pioneering spirit and incredible passion of our people to rise to the formidable challenges and seize the opportunities presented by the energy transition,” Sawan said in a statement on September 15, adding that it was an honor to follow Van Beurden’s leadership.
“We will be disciplined and focused on value, working with our customers and partners to deliver the reliable, affordable, and cleaner energy the world needs.”
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