Shell's official financial reports or press releases

Shell's $6 Billion Profit Beats Forecasts; $3.5 Billion Buyback, Dividend Maintained as LNG Offsets Weak Refining

Oct 31, 2024, 07:37 AM

Royal Dutch Shell reported third-quarter 2024 profits of $6 billion, exceeding market forecasts by $0.19 per share, as strong performance in its liquefied natural gas (LNG) division—its largest business—offset weaker refining margins. The company's LNG profits rose by 13%, driven by increased production and sales volumes, helping to mitigate a nearly 70% annual drop in profits from its refining and chemicals division due to weaker demand. Shell announced a $3.5 billion share buyback program and maintained its dividend, keeping up capital returns to shareholders despite lower oil prices. Earnings from gas in the first nine months of the year were 47% higher than in 2023. The company’s robust LNG performance underlines the growing importance of natural gas in its portfolio and demonstrates resilience amid fluctuating oil markets.