Shell third quarter profits hit US$6b

BRITISH multinational Shell released financial results for the third quarter of 2024 on October 31.

The oil and gas company announced a profit of US$6.02 billion, "despite the lower crude prices and weaker refining margins, reflect strong operational performance in integrated gas, upstream and marketing."

This is a decline of 3.1 per cent from US$6.22 billion during the same period in 2023.

Revenue during the three months stood at US$71.08 billion, down from US$76.35 billion in Q3 2023.

Oil and gas production available for sale saw an increase, reaching 2.8 billion barrels of oil equivalent per day (boe/d), up from 2.7 billion boe/d in Q3 2023.

Shell declared Q3 2024 dividend of US$0.3440 per share.

Chief executive officer Wael Sawan, in a news release, said, "Shell delivered another set of strong results. We continue to deliver more value with less emissions, whilst enhancing the resilience of our balance sheet. Today, we announce another US$3.5 billion buyback programme for the next three months, making this the 12th consecutive quarter in which we have announced US$3 billion or more in buybacks."

The company has been operating in Trinidad and Tobago for over 100 years.

In July, Shell announced that it has taken final investment decision (FID) on the Manatee project – an undeveloped gas field in the East Coast Marine Area (ECMA) in Trinidad and Tobago.

“This project will help meet the increasing demand for natural gas globally while also addressing the energy needs of our customers domestically in Trinidad and Tobago,” said Zoë Yujnovich, Shell’s integrated gas and upstream director in July. “The investment bolsters our world-leading LNG portfolio in line with our commitment to invest in competitive projects that deliver more value with less emissions,” she added.