SEATTLE (Oil Monster): Shell reported robust earnings during the third quarter of the year, mainly driven by higher refining margins and robust trading in liquefied natural gas (LNG). The third quarter earnings of the company totalled $6.2 billion, said the company press release.
The company reported adjusted earnings of $6.22 billion, more or less in line with the analysts’ forecast of $6.25 billion. This compares with earnings of $9.45 billion during the prior year quarter and $5 billion in the sequential quarter of the year. Shell announced share buybacks of $3.5 billion over the next three months and a dividend to shareholders of $0.331 per share.
The company’s Integrated Gas division recorded 9% dip in production over the prior quarter, mainly on account of maintenance at its Australian Prelude LNG facility as well as its facilities in Trinidad & Tobago and Qatar. This impacted the overall LNG liquefaction volumes, which recorded decline by 4%. On the other hand, the Upstream Division recorded 3% surge in production over the prior quarter.
Wael Sawan, CEO, Shell noted that the company delivered another quarter of strong operational and financial performance. The company is committed to deliver more value from its portfolio at a reduced emission rate, he added.
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