Shell Reports Doubling of Profits Through September and Announces Share Buyback of Up to 4.490 Billion - Uruguay Al Día
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Shell recorded an attributable net profit of 28.573 billion dollars (25.660 billion euros) in the first nine months of 2023, representing a 109% increase compared to the same period of the previous year. The company also announced a new share buyback program for a maximum value of 5.000 billion dollars (4.490 billion euros). The oil company explained that its results were driven by higher prices and higher refining margins, in addition to greater commercial activity. These factors were only partially offset by a decrease in production volumes, as well as by unfavorable tax variations and fluctuations in interest rates. Until the close of September, Shell's turnover reached 261.808 billion dollars (235.122 billion euros), which implies a 26.5% increase. The company's net debt stood at 39.733 billion dollars (35.683 billion euros), representing a 3.6% reduction compared to the close of the third quarter of the previous year. Between July and September, the attributable net profit was 12.027 billion dollars (10.828 billion euros), a 126% increase, while total revenue totaled 95.322 billion dollars (85.606 billion euros), reflecting a 35.4% growth. Shell's Chief Executive Officer, Wael Sawan, highlighted that the company's emphasis on operational performance allowed it to obtain very solid results during a quarter marked by the continued and severe disruption of the global...
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