Shell made a profit of $6.2 billion in the third quarter

Shell made a profit of $6.2 billion in the third quarter

While Shell made a profit of $6.2 billion in the third quarter of this year, it announced a $3.5 billion share buyback over the next three months.

According to the financial results announced by the company for the third quarter, Shell’s profit increased in this quarter by 22.7 percent compared to the previous quarter.

HIGH OIL PRICES WERE EFFECTIVE

Profit, which was $5.07 billion in the second quarter of the year, increased to $6.22 billion in the third quarter. High oil prices and refining margins contributed to this increase.

On the other hand, the company’s profit in the third quarter decreased by 34.2 percent compared to $9.45 billion in the same period last year.

CEO SAWAN: WE TAKE ADVANTAGE OF OPPORTUNITIES IN THE VOLATILE RAW MATERIALS MARKET

Shell also announced that it will buy back shares worth $3.5 billion over the next three months.

In his assessment of the results, Shell Chief Executive Officer (CEO) Wael Sawan said the company demonstrated strong operational and financial performance and seized opportunities in volatile commodity markets.

Noting that Shell “created more value with fewer emissions” while simplifying its portfolio, Sawan said they will increase the amount of share buybacks in the second half of this year to $6.5 billion under the program. of stock buybacks of 3.5 billion dollars planned for the next three. months.

ANNOUNCEMENT THAT WAS GOING TO EXHIBIT

On the other hand, Shell announced a week ago that it would make layoffs.

The company had announced that it would lay off 200 people in the low-carbon solutions department in 2024 and that evaluation of 130 positions was ongoing.

According to Shell, a simplification and performance-oriented transformation will take place in the low carbon solutions unit within the company.

As part of the simplification, 200 people from the unit in question will be laid off in 2024. While the restructuring is scheduled to last until the end of 2024, there will be an evaluation process for 130 positions. (AA)

Source: Sozcu

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_imgspot_img

Hot Topics

Related Articles