Shell and Total Post Highest Quarterly Profit Since 2022
Shell and TotalEnergies reported on Thursday sharply higher third-quarter profits and raised share buybacks, as war-driven energy prices and record refining margins helped both beat expectations.
LONDON, Oct 29 (Reuters) – Shell and TotalEnergies reported on Thursday sharply higher third-quarter profits and raised share buybacks, as war-driven energy prices and record refining margins helped both beat expectations.
Shell raised its quarterly buyback to $5 billion from $3 billion, the second-largest buyback on record, while Total reiterated plans to buy back $2.5 billion of shares in the fourth quarter and said it would buy back another $2.5 billion in the first quarter of 2027.
The shareholder distributions offer an insight into how oil majors plan to spend the profits generated by the US-Israeli war with Iran, which is in its ninth month and has disrupted global energy supplies. Energy prices have driven inflation for customers globally and increased input costs for industry.
Reflecting its higher payout, shares in Shell gained 3.2% in early trade on Thursday, while Total’s rose 1.8%, compared with a broader index of European energy companies rising 1.9%.
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