Shell reports strong Q3 results as integrated gas business continues to grow

The oil and gas giant said adjusted earnings were 6.03 billion US dollars (£4.64 billion), down 3.1% from 6.22 billion dollars (£4.79 billion) during the same period last year.

Oil and gas major Shell has announced adjusted earnings of 6.03 billion US dollars (£4.64 billion) for the third quarter of 2024, a decrease of 3.1% compared to 6.22 billion dollars (£4.79 billion) during the same period last year.

Despite the marginal decline, the figure surpassed a company-provided analyst consensus of 5.36 billion dollars (£4.13 billion).

Shell has announced plans for further returns to shareholders via dividends, as announced in a statement on Tuesday.

Total production at Shell’s integrated gas business reached 941 thousands barrels of oil per day (boe/d), a decrease compared to the last quarter but still up by 4.5% on the same period last year.

The oil and gas giant announced another strong set of results for Q3 2024, highlighting its continued efforts to deliver more value with less emissions and strengthen its balance sheet.

"More: https://t.co/jsmnTbQmK9 #ShellResults #PoweringProgress"

— Shell (@Shell) October 31, 2024

The strong integrated gas performance helped offset a fall in refining margins, which have posed challenges for energy majors recently.

Earlier this week, BP announced that its third-quarter profits plunged by nearly a third as margins tumbled.

Shell also reported that earnings were pushed down by charges relating to redundancies and restructuring.