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Shell Q3 beats expectations despite weak prices
(Sharecast News) - Energy giant Shell posted better-than-expected profits for the third quarter despite a weak oil price and unveiled a £350m share buyback. The company reported adjusted earnings - its preferred measure of net profit - of $5.4bn, down 13%, but higher than analyst expectations of $5.05bn and better than the $4.2bn recorded in the previous three months.
"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 Mexico and Brazil," said CEO Wael Sawan.
Reporting by Frank Prenesti for Sharecast.com
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