Shell posts .2 billion third-quarter profit, announces .5 billion share buyback

Environment

Shell posts $6.2 billion third-quarter profit, announces $3.5 billion share buyback

Published

2 years ago

November 2, 2023

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People pump gas into their vehicles at a Shell petrol station on October 2, 2023 in Alhambra, California.

Frederic J. Brown | Afp | Getty Images

British oil giant Shell on Thursday reported $6.2 billion profit for the third quarter, roughly in line with estimates, as the company benefited from higher oil prices and refining margins.

Analysts expected adjusted earnings of $6.48 billion, according to an LSEG-compiled consensus.

Profit was higher than the $5.1 billion of the second quarter, but marked a sharp decline from the $9.45 billion reported a year ago, when the Russia-Ukraine conflict bolstered oil and gas prices.

The company also announced a $3.5 billion share buyback to be carried out over the next three months. Shell CEO Wael Sawan said the $6.5 billion set for the second half of the year was now “well in excess” of the $5 billion announced in June.

“Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets,” Sawan said in a statement.

Free cash flow fell from $12.1 billion in the second quarter to $7.5 billion. Cash capital expenditure rose from $5.1 billion to $5.6 billion.

Energy majors are coming off the back of a record year for profits, which was fuelled by soaring fossil fuel prices.

Oil prices have again risen sharply through the third quarter 2023 on the back of factors including Saudi Arabian and Russian supply cuts, while the International Energy Agency has said oil markets will remain on edge amid the escalation in conflict in the Middle East.

BP on Tuesday posted a year-on-year fall in third-quarter profit from $8.15 billion to $3.293 billion, below analyst estimates, though France’s TotalEnergies slightly outperformed last week.

While BP said its muted quarterly performance was partly due to weakness in gas marketing and trading, Shell said performance in its integrated gas division was steady, noting favorable trading.

Shell’s renewables and energy solutions division meanwhile reported a $67 million loss, which it attributed to weaker margins due to seasonal effects and lower trading. Capital expenditure was $659 million.

The results come amid criticism over the pace of the company’s decarbonization program, including from groups of its own shareholders.

Shell confirmed last week that it will cut 200 positions within its low-carbon solutions unit in 2024.

“Another share buyback should be good news for shareholders, but there is little said about its plans to achieve net zero in today’s update – this remains a longer term concern for many, after the company announced its decision to focus on oil and gas production earlier this year,” Stuart Lamont, investment manager at RBC Brewin Dolphin, said in a note.

“With the geopolitical environment still volatile, oil prices look likely to continue recent rises which should mean a strong final quarter for Shell.”

London-listed shares of Shell were 1.1% higher at 8:30 a.m. on Thursday.

Environment

China overhauls EV charging: 100,000 ultra-fast public stations by 2027

Published

3 hours ago

July 9, 2025

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China overhauls EV charging: 100,000 ultra-fast public stations by 2027

China just laid out a plan to roll out over 100,000 ultra-fast EV charging stations by 2027 – and they’ll all be open to the public.

The National Development and Reform Commission’s (NDRC) joint notice, issued on Monday, asks local authorities to put together construction plans for highway service areas and prioritize the ones that see 40% or more usage during holiday travel rushes.

The NDRC notes that China’s ultra-fast EV charging infrastructure needs upgrading as more 800V EVs hit the road. Those high-voltage platforms can handle super-fast charging in as little as 10 to 30 minutes, but only if the charging hardware is up to speed.

China had 31.4 million EVs on the road at the end of 2024 – nearly 9% of the country’s total vehicle fleet. But charging access is still catching up. As of May 2025, there were 14.4 million charging points, or roughly 1 for every 2.2 EVs.

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To keep the grid running smoothly, China wants new chargers to be smart, with dynamic pricing to incentivize off-peak charging and solar and storage to power the charging stations.

To make the business side work, the government is pushing for 10-year leases for charging station operators, and it’s backing the buildout with local government bonds.

The NDRC emphasized that the DC fast chargers built will be open to the public. This is a big deal because a lot of fast chargers in China aren’t. For example, BYD’s new megawatt chargers aren’t open to third-party vehicles.

As of September 2024, China had expanded its charging infrastructure to 11.4 million EV chargers, but only 3.3 million were public.

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Environment

Two charged in $650 million global crypto scam that promised 300% returns

Published

5 hours ago

July 8, 2025

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Two charged in 0 million global crypto scam that promised 300% returns

A U.S. Justice Department logo or seal showing Justice Department headquarters, known as “Main Justice,” is seen behind the podium in the Department’s headquarters briefing room before a news conference with the Attorney General in Washington, January 24, 2023.

Kevin Lamarque | Reuters

Federal prosecutors have charged two men in connection with a sprawling cryptocurrency investment scheme that defrauded victims out of more than $650 million.

The indictment, unsealed in the District of Puerto Rico, accuses Michael Shannon Sims, 48, of Georgia and Florida, and Juan Carlos Reynoso, 57, of New Jersey and Florida, of operating and promoting OmegaPro, an international crypto multi-level marketing scheme that promised investors 300% returns over 16 months through foreign exchange trading.

“This case exposes the ruthless reality of modern financial crime,” said the Internal Revenue Service’s Chief of Criminal Investigations Guy Ficco. “OmegaPro promised financial freedom but delivered financial ruin.”

From 2019 to 2023, Sims, Reynoso and their co-conspirators allegedly lured thousands of victims worldwide to purchase “investment packages” using cryptocurrency, falsely claiming the funds would be safely managed by elite forex traders, the Department of Justice said.

Prosecutors said the pair flaunted their wealth through social media and extravagant events — including projecting the OmegaPro logo onto the Burj Khalifa, Dubai’s tallest building — to convince investors the operation was legitimate.

A video posted to the company’s LinkedIn page shows guests in evening attire posing for photos and watching the spectacle in Dubai.

Tesla forced to refund $10,000 FSD payment and 0% interest on Cybertruck

Published

6 hours ago

July 8, 2025

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Tesla forced to refund ,000 FSD payment and 0% interest on Cybertruck

Tesla is starting to experience some consequences for misleading Full Self Driving customers – at least that’s the finding of one arbitration ruling that has Tesla refunding one customer $10,000 plus legal fees for failing to deliver on their promises. Find out more on today’s legally challenging episode of Quick Charge!

An arbitration “court” found that Tesla misled customers with its Full Self Driving product, and has now been forced to refund at least one person’s $10,000 payment (plus legal fees) for the not-quite autonomous driving software. France, too, is piling on claims of deceptive business practices – but there’s some good news for FSD fans! If you’re still willing to pay for it, Tesla will thrown in 0% financing on a brand new Cybertruck.

Check out the relevant links, below, to learn more.

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