Quarterly profits slip at Shell
By Abigail Townsend
Date: Thursday 31 Oct 2024
(Sharecast News) - Energy major Shell posted a dip in third-quarter profits on Thursday, weighed down by lower oil prices, although the decline was less steep than feared.
Adjusted earnings before interest, tax, depreciation and amortisation fell 5% on the second quarter, to $16.01bn, while adjusted earnings - Shell's definition of net profit - declined 4% to $6.03bn.
That was notably better than the $5.36bn expected by analysts, however.
Net debt was $35.2bn in the three months to September end, down on $40.5bn in the same period a year previously
The blue chip oil major said it been affected by lower refining margins, lower oil prices and higher operating expenses during the quarter.
But that had been partly offset by higher integrated gas volumes as well as favourable tax movements.
The company also confirmed it would return a further $3.5bn to shareholders during the current quarter.
Chief executive Wael Sawan said: "Shell delivered another set of strong results. We continue to deliver more value with less emissions, while enhancing the resilience of our balance sheet."
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