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(Bloomberg) — Shell Plc’s profit was better than expected in the third quarter, helped by a rebound in performance by its oil and gas traders.
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The company maintained quarterly share buybacks of $3.5 billion, enabled by “robust cash flow from operations,” according to a statement on Thursday. Net debt declined to $41.2 billion, from $43.2 billion at the end of June.
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Shell said earlier this month that its oil and gas trading profits had both recovered, after the company and many of its peers struggled to navigate the sharp market swings driven by geopolitical developments in the second quarter.
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Adjusted third-quarter net income of $5.43 billion was higher than the average analyst estimate of $4.74 billion.
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After years of outsized profits as oil demand roared back following the pandemic, the world’s largest energy producers are facing leaner times after crude prices dropped about 13% this year. In an effort to protect profits, companies have responded by cutting jobs, reducing investments and in some cases trimming share buybacks.
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Shell Chief Executive Officer Wael Sawan has spent the past two years seeking to cut costs, improve reliability and shed underperforming assets in an effort to close a valuation gap with Shell’s US rivals. The company’s shares have risen 16% in London since the start of 2025, outperforming its closest peers.
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“Shell delivered another strong set of results, with clear progress across our portfolio and excellent performance in our marketing business and deepwater assets in the Gulf of America and Brazil,” Sawan said in a statement.
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