Shell announces $3.5 billion share buyback after strong quarterly profits

Shell has announced a $3.5 billion share buyback after reporting third-quarter profits of $6 billion, surpassing analyst expectations. This marks the 12th consecutive quarter of buybacks of $3 billion or more, reflecting the company's focus on consistent returns. Under CEO Wael Sawan, Shell has streamlined operations and emphasized its oil and gas business. Capital expenditure for 2024 is expected to be at the lower end of the $22 billion to $25 billion range, with net debt reduced to $35.2 billion, the lowest since 2015. While Shell's chemicals and refining earnings fell, its integrated gas division remained strong, contributing $2.9 billion in profits. Investments in renewables dropped to 8% of total capital expenditure, but Shell plans to invest $10 billion to $15 billion in low-carbon solutions from 2023 to 2025.