Thanks to high gas and oil prices, oil company Shell is still earning well, albeit not at the recent record level. Adjusted earnings for July through September were down 18 percent to $9.4 billion from the record in the second quarter
The group announced this in London on Thursday. However, this is still the second best quarterly result in the group’s history. The bottom line – ie adjusted for the valuation effects of oil inventories, for example – yielded Shell $6.7 billion, up from $18 billion in the second quarter. Shell was still in the red in the third quarter of last year.
The group announced a few weeks ago that margins in the refining business were not as high as in the second quarter. The company continues to use the bubbling profits for high price maintenance costs and distributions to shareholders. Shell announced a share buyback for $4 billion and a dividend increase. (aeg/sda/awp/dpa)
Soource :Watson
I’m Ella Sammie, author specializing in the Technology sector. I have been writing for 24 Instatnt News since 2020, and am passionate about staying up to date with the latest developments in this ever-changing industry.
