The Hague-based LNG giant Shell produced ‘one of the strongest-ever quarters’ during the three months ending September 30, as realized prices rose across the board.
Shell reported a net profit of $5.6 billion, 37 percent up on $4.1 billion during the corresponding quarter of 2017, benefiting from increased realized oil, gas and LNG prices as well as higher contributions from trading in Integrated Gas.
“Good operational delivery across all Shell businesses produced one of our strongest-ever quarters, with cash flow from operations of $14.7 billion, excluding working capital movements,” Shell’s CEO Ben van Beurden said.
He noted that the company has completed the first tranche of share buybacks, in line with its intention to buy $25 billion of its shares by the end of 2020.
Shell has also started the second tranche of its share buyback program under which it is looking to repurchase 773,155,194 of its shares.
The aggregate consideration for the purchase shares under the second tranche is $2.5 billion, Shell said, adding the purpose of the second tranche is to reduce issued share capital of the company and to reduce the equity issued in connection with the company’s combination with BG Group.