Shell PLC (LON:SHEL) said it will buy back up to another $4 billion in stock and raised its dividend by 15% after posting another massive windfall from high oil and gas prices in the third quarter.
The measures mean that the U.K.-based company will have paid out around $26 billion to shareholders by the end of the year, a performance that may put it in the crosshairs of a U.K. government that needs to find at least 30 billion pounds ($34.8 billion) to plug a hole in its public finances.
"We are delivering robust results at a time of ongoing volatility in global energy markets," said outgoing Chief Executive Ben van Beurden. "
We continue to strengthen Shell's portfolio through disciplined investment and transform the company for a low-carbon future.
Shell said underlying earnings hit $9.5 billion in the three months through September, down a little from $11.5 billion from the previous quarter and a little below expectations.
Earnings before interest, taxes, depreciation and amortization hit $21.5 billion.
Source: Investing.com
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