Shell Reports $6.2 Billion Q3 Profit and $3.5 Billion Share Buyback

Shell reported a third-quarter profit of $6.2 billion, benefiting from higher oil prices and refining margins. The profit was in line with estimates but marked a decline from the previous year. The company also announced a $3.5 billion share buyback. Shell's CEO stated that the company delivered strong operational and financial performance, capturing opportunities in volatile commodity markets. Free cash flow fell, while cash capital expenditure rose. Energy majors, including BP and TotalEnergies, have been impacted by soaring fossil fuel prices.