Shell Q3 profit beats views as gas division outperforms

Shell delivered stronger-than-expected third-quarter earnings thanks to solid gas trading and upstream performance, and confirmed it will maintain a $3.5 billion share buyback over the next three months.

Shell posted adjusted Q3 profit of $5.4 billion, topping analysts’ estimates of $5.09 billion, though down 10% year-on-year on lower oil prices. The company also recorded operating cash flow of $12.2 billion, below $14.7 billion a year earlier.

The energy major will continue its $3.5 billion share buyback, marking a 16th straight quarter of returning at least $3 billion to shareholders. Including $2.1 billion in dividends, payouts amounted to 48% of operating cash flow — within the company’s 40–50% target range.

Rival TotalEnergies reported a 2.4% drop in Q3 earnings to $4 billion, in line with forecasts, supported by higher production and improving refining margins despite weaker oil prices.