SHEL Shell Plc

By Giulia Petroni

Royal Dutch Shell PLC (RDSB.LN) reported its third-quarter results on Thursday. Here is how the results came in:

EARNINGS: Adjusted profit on a current cost-of-supplies basis--a figure similar to the net income that U.S. oil companies report but excluding certain items--came in at $4.77 billion. The result was ahead of a consensus estimate compiled by Vara Research that had it at $3.91 billion.

WHAT WE WATCHED:

- TRADING: Strong trading and optimization results in both Shell's Integrated Gas and Downstream segments helped offset softer energy prices and weaker refining and chemicals margins, analysts say. Shell's gas business reported a 23% increase in earnings for the period as production increased from fields in Australia, Trinidad and Tobago.

- UPSTREAM PRODUCTION: Upstream missed by 17%, driven by weak commodity prices, while production grew by 2% year-on-year excluding portfolio impacts, according to Berenberg. Production was 2.60 million barrels of oil equivalent per day, in line with company's expectations of between 2.60 million BOE a day and 2.65 million BOE per day.

- BUYBACK PROGRAM: Shell launched its share buyback-program last year and has pledged to buy back $25 billion worth of shares by the end of 2020. However, the company stressed that current macroeconomic conditions could threaten the program's timeframe, says Berenberg in a note.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

October 31, 2019 10:40 ET (14:40 GMT)

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