Shell’s Q3 Numbers Hit the Skies – And People Aren’t Buying Tickets
Shell’s adjusted earnings for Q3 tumbled a whopping 34 % to £5.1 billion, falling short of expectations by about £19.7 million. So, while the company’s share price maybe took a breather, the financial armory was ripped a bit thin.
What Went Wrong (and Right)?
Unlike the previous quarter, Shell saw a dip in earnings mainly because:
- Oil prices kept oscillating like a reality‑TV confession.
- More upstream production on board didn’t fully cover the losses.
- Refinery margins slid, proving that even the best “well‑making” machines need a cushion.
Notably, the company stepped up production and padding up margins in refining, which do a double‑whammy for cash flow.
Boardroom Buzz – The CEO’s Drum‑Roll
Assistant to the throne, CEO Wael Sawan had an upbeat take on the situation: “We may have missed some expectations, but our performance was still solid. In volatile markets, we capitalised on opportunities.” He then laid out a bold play: a £3.5 billion stock‑buyback over the next quarter, kicking the total buyback for H2 2023 to a staggering £6.5 billion—well above the £5 billion headline from June.
Cash Return: Did Investors Feel the Warmth?
Shareholders got a generous paycheck of £18.9 billion, a figure that keeps the punchline of the shareholder’s holiday at the back of the room.
Critics Call the Shots …
Jonathan Noronha‑Gant, a commentator with Global Witness, slammed the payouts. “Shell’s shareholders are the biggest mints of Russia’s war drama—no less. While the fossil‑fuel markets are a rollercoaster, Shell keeps pumping profits into oil, gas, and itself—skipping the cleaner alternative.”
Takeaway: Modern Greening Is Not a Gold‑Pretty Prize
With the pursuit of clean energy dimming, Shell’s focus detours straight back into crude, corporate gain, and darling shareholder reward. A story worth following for those who want to keep track of where investment is really heading.
