Oil giant Shell plans to raise dividend as it reports third-quarter profit
British oil major Shell reported a third-quarter profit Thursday, but lower refining and trading revenues marked an end to its run of record quarterly earnings.
Shell posted adjusted earnings of $9.45 billion for the three months through to the end of September, meeting analyst expectations of $9.5 billion according to Refinitiv.
The London-headquartered oil major reported consecutive quarters of record profits through the first six months of the year, benefitting from surging commodity prices following Russia’s invasion of Ukraine.
Shell warned in an update earlier this month, however, that lower refining and chemicals margins and weaker gas trading were likely to negatively impact third-quarter earnings.
The logo of Shell on an oil storage silo, beyond railway tanker wagons at the company’s Pernis refinery in Rotterdam, Netherlands, on Sunday, Oct. 23, 2022.British oil major Shell reported a third-quarter profit Thursday, but lower refining and trading revenues marked an end to its run of record quarterly earnings .Shell posted adjusted earnings of $9.45 billion for the three months through to the end of September, meeting analyst expectations of $9.5 billion according to Refinitiv . The company posted adjusted earnings of $4.1 billion over the same period a year earlier and notched a whopping $11.5 billion for the second quarter of 2022.
Shares of Shell are up over 41% year-to-date.
The oil giant also announced Thursday a new share buyback program, which is set to result in an additional $4 billion of distributions and expected to be completed by its next earnings release.It also revealed plans to increase its dividend per share by around 15% for the fourth quarter 2022, to be paid out in March 2023.The London-headquartered oil major reported consecutive quarters of record profits through the first six months of the year, benefitting from surging commodity prices following Russia’s invasion of Ukraine .Shell warned in an update earlier this month, however, that lower refining and chemicals margins and weaker gas trading were likely to negatively impact third-quarter earnings .
