Shell's official announcement in their Q4 2024 financial report

Shell's $6 Billion Q3 Profit Beats Forecasts as LNG Offsets Weak Refining, $3.5 Billion Buyback Announced

Oct 31, 2024, 07:31 AM

Shell reported third-quarter 2024 adjusted net income of $6.03 billion, exceeding forecasts of $5.39 billion by 12%. The company's adjusted earnings per share were $0.96, beating estimates of $0.85. Strong performance was driven by a 13% rise in profits from its liquefied natural gas (LNG) division, which offset a near 70% annual drop in profits from its refining and chemicals division due to weaker demand. Shell's oil and gas production was 2.80 million barrels of oil equivalent per day. Cash flow from operations reached $14.68 billion, surpassing expectations. The company reduced net debt to $35.3 billion, a nine-year low, and announced a $3.5 billion share buyback program while maintaining its dividend. Shell also indicated that capital expenditure would be below the lower end of its $22-$25 billion range.