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Shell posted adjusted earnings of $5.4 billion for the quarter, beating analyst expectations of $5.05 billion, according to an LSEG-compiled consensus. A separate, company-provided analyst forecast had put Shell’s expected third-quarter profit at $5.09 billion.
The London-headquartered firm reported adjusted earnings of $6 billion over the same period last year and $4.26 billion for this year’s April-June period.
“Shell delivered another strong set of results, with clear progress across our portfolio and excellent performance in our Marketing business and deepwater assets in the Gulf of America and Brazil,” Shell CEO Wael Sawan said in a statement.
The company also announced another $3.5 billion in share buybacks over the next three months, maintaining the pace of its shareholder returns. The company said it marked the 16th consecutive quarter of at least $3 billion in buybacks.
The company’s net debt, meanwhile, came in at $41.2 billion at the end of the third quarter, down from $43.2 billion on a quarterly basis.
Shell’s London-listed share price has climbed more than 16% year-to-date, outperforming its industry peers.
Its results come after Norwegian energy firm Equinor on Wednesday posted a steeper-than-expected drop in third-quarter profit, with adjusted operating income coming in at $6.21 billion for the July-September period.
U.S. oil giants Exxon Mobil and Chevron are both scheduled to report third-quarter results on Friday, with Britain’s BP set to follow suit on Tuesday.
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