British oil giant Shell posted adjusted earnings of $6 billion for the third quarter of this year, beating analysts’ expectations, the energy company announced on Thursday.
Shell’s adjusted earnings exceeded forecasts by 12% despite lower oil prices and weaker refining margins, the company said in a statement regarding its financial results.
Projections from the London Stock Exchange Group had anticipated earnings of $5.3 billion for the July-September period.
Meanwhile, Shell’s profit declined by 4.2% compared to the previous quarter. The company plans to repurchase an additional $3.5 billion of its shares in the next quarter.
Commenting on the results, Shell’s Chief Executive Officer, Wael Sawan said that the company delivered ‘another set of strong results.’
‘We continue to deliver more value with less emissions, whilst enhancing the resilience of our balance sheet,’ Sawan said.
‘Today, we announce another $3.5 billion buyback programme for the next three months, making this the 12th consecutive quarter in which we have announced $3 billion or more in buybacks,’ he added.
