Energy giant Shell announces rise in profits

Energy giant Shell announces rise in profits

Energy majors are benefiting from elevated oil prices
Energy majors are benefiting from elevated oil prices. Photo: Paul ELLIS / AFP/File
Source: AFP

British energy giant Shell on Thursday said net profit rose 4.5 percent to $7 billion in the third quarter from a year earlier, as it benefits from high oil prices.

"Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets," chief executive Wael Sawan said in a statement.

"We continue to simplify our portfolio while delivering more value with less emissions," he added in an earnings statement.

Energy majors are benefiting from elevated oil prices, which are being fuelled by concerns the Israel-Hamas conflict could widen across the crude-rich Middle East.

Shell also announced a fresh buyback of shares worth $3.5 billion.

Adjusted earnings in the third quarter stood at $6.2 billion, up compared with the second quarter, on "robust operational performance and higher oil prices and refining margins".

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Over the first nine months of 2023 Shell's profit was however down sharply, reflecting lower oil prices year-on-year.

Crude futures had soared at the start of 2022 following the invasion of Ukraine by major oil producer Russia.

After later falling somewhat, they are once more on the rise owing to fears of escalation in the Israel-Hamas conflict.

Source: AFP

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