Shell reports $5.6 billion in Q3 profits
Shell's profit surged to $5.6 billion in the third quarter, up from $4.1 billion in the same period last year, the oil-and-gas giant announced today.
Why it matters: The haul is the latest sign of how the rise in crude oil prices is boosting the fortunes of the industry, although Shell didn't hit analysts' forecasts.
- Shell said higher oil, gas and LNG prices, as well as money from its gas trading unit, were behind the rise.
- But those gains were partly offset by factors including lower margins in refining and "adverse currency exchange effects."
Where it stands: The company used the report to say it's rewarding investors by increasing its share buybacks to $2.5 billion between now and late January.
- That's up from $2 billion in the prior phase of the program that envisions $25 billion in buybacks by the end of 2020.
What's next: Exxon and Chevron, the largest U.S.-based majors, will report their Q3 results on Friday morning.