Shell reports $9.5 billion profit, plans to boost dividend
2022.10.27 02:44
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© Reuters. FILE PHOTO: The Shell logo is seen at a Shell petrol station in London, Britain, January 31, 2008. REUTERS/Toby Melville/File Photo
By Ron Bousso and Shadia Nasralla
LONDON (Reuters) – Shell (LON:) on Thursday reported a third-quarter profit of $9.45 billion, easing from the previous quarter’s record high due to weaker refining and gas trading, and announced plans to sharply boost its dividend by year end.Shell also extended its share repurchasing programme, announcing plans to buy $4 billion of stock over the next three months.
Shell’s cashflow in the quarter dropped sharply to $12.5 billion from $18.6 billion in the previous quarter due to a large working capital outflow of $4.2 billion as a result of changes in the value of European gas inventories.
Its adjusted earnings were slightly above the $9 billion average analyst forecast provided by the company. Shell had posted record quarterly earnings of $11.5 billion in the previous quarter and $4.1 billion a year earlier.
The company said it intends to increase its dividend by 15% in the fourth quarter, when Chief Executive Officer Ben van Beurden will step down after nine years at the helm.
He will be succeeded by Wael Sawan, the current head of Shell’s and low-carbon division.
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