Shell reports $10.81 billion quarterly earnings, raises buybacks

Shell reported adjusted earnings of $10.81 billion for the third quarter, nearly double the $5.43 billion recorded a year earlier, and raised its planned quarterly share buybacks to $5 billion from $3 billion. The results covered the three months to September 30 and exceeded the $10.33 billion average analyst estimate cited by the company. The earnings increase came as refining margins and liquefied natural gas prices rose amid disruption to global energy supplies. Shell’s reported refining margin reached $42 per barrel, up from $24 in the previous quarter and $11.60 a year earlier. The company’s results showed gains across business segments, including integrated gas and upstream, though the earnings increase’s precise contribution from market conditions versus operational performance was not quantified. Shell said its chemicals and products unit, which includes oil trading, generated $3.86 billion in adjusted earnings, compared with $550 million a year earlier. Chief Executive Wael Sawan attributed the strong results in part to the company’s operational performance during continued disruption to the global energy system. The company plans to spend $5 billion on share buybacks...