• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 2 hours Even Shell Agrees with Climate Change!
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 3 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

Ukraine Steel Giant Faces 31% Drop in Steel Production

Ukraine Steel Giant Faces 31% Drop in Steel Production

Metinvest reported a 31% decrease…

Shell To Hike Dividend After Another Very Strong Quarter

Shell (NYSE: SHEL) intends to lift its dividend and is launching a new share buyback program after reporting its second-highest quarterly earnings for Q3, second only to the record profit for the previous quarter.

Shell reported on Thursday adjusted earnings—the measure most closely watched by analysts—of $9.454 billion for the third quarter, in line with Refinitiv’s forecast of $9.5 billion. This was the second-highest quarterly profit for Shell ever, after the record earnings of $11.472 billion for the second quarter.     

Shares in Shell shot up by more than 2% at opening in London after the release of the results.

For the third quarter, Shell saw lower earnings from its gas division, as it had already flagged earlier this month. 

The Q3 adjusted earnings below Q2 levels mainly reflected lower trading and optimization results in addition to lower volumes, including the impact of maintenance and the strike at the Prelude LNG in Australia, Shell said. The trading and optimization results in gas were “impacted by seasonality and supply constraints, coupled with substantial differences between paper and physical realisation in a volatile and dislocated market.”

Shell’s refining margins were lower in the third quarter, due to a recovery in global product supply to meet demand. Chemicals margins were also lower compared to Q2, due to higher feedstock and utility costs.

Nevertheless, Shell said it delivered “robust results from a resilient portfolio.”

“Today we are announcing a new share buyback programme resulting in an additional $4 billion of distributions, which we expect to complete by our Q4 2022 results announcement. Furthermore, we plan to increase the dividend per share (DPS) for the fourth quarter, which will be paid in March 2023, by an expected 15%, subject to Board approval,” CEO Ben van Beurden said in a statement.

The new share repurchase program is expected to be completed by the time the supermajor announces Q4 2022 results in early February 2023.

So far this year, the announced 2022 shareholder distributions are around $26 billion, Shell said.


By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News