Dow Jones Newswires: Shell Q3 earnings fall 18% as it declares $4 billion share buyback

by | Oct 27, 2022 | Stock Market

By Joe Hoppe Shell PLC on Thursday reported third-quarter earnings that fell 18% on quarter, citing lower trading and margins and higher expenses, and kicked off a $4 billion share-buyback program.

The energy giant posted adjusted earnings of $9.45 billion for the period, down from $11.47 billion in the second quarter but beating market expectations of $9.0 billion, provided by Vara Research and averaged from 27 analysts’ estimates. Last year, it posted third-quarter adjusted earnings of $4.13 billion. Shell said the on-quarter earnings decline reflected lower liquid natural gas trading and optimization results, lower chemicals and refining margins, higher underlying operating expenses and losses from fair value accounting and impairment charges. This was partly offset by increased volumes from higher-value barrels in its Deep Water division. Adjusted earnings before interest, taxes, depreciation and amortization came in at $21.51 billion, down from $23.15 billion in the second quarter and above market expectations of $20.72 billion, provided by Vara and based on 21 analysts’ estimates. Net income was $6.74 billion compared with $18.04 billion in the second quarter, which included net losses of $1.0 billion due to the fair value accounting of commodity derivatives and $0.4 billion in impairment …

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