Fossil fuel firm plans to buy back shares for 16th consecutive quarter, as protesters say Shell’s profits are ‘horror show’
Profits at Shell have climbed to more than $43bn for the year so far after fossil fuel production in the Gulf of Mexico reached a 20-year high and production in Brazil set a new record.
The oil company reported better than expected earnings of $5.4bn for the third quarter, a 27% increase on the $4.3bn in the previous three-month period – but lower than the $6bn recorded over the same period a year earlier.
The energy company plans to buy back shares from its investors for the 16th consecutive quarter.
The FTSE 100 company is on track to report lower annual profits this year compared with 2024 due to lower oil and gas prices in the global market, but the company claimed to have “one of the strongest balance sheets in the industry”.
