Shell declared Q3 2024 dividends of $0.3440 per share. Credit: FotograFFF/Shutterstock.

Shell has reported adjusted earnings of $6.02bn in Q3 2024, down 3.1% from $6.22bn during the same period in 2023.

Revenue during the three months stood at $71.08bn, a dip from $76.35bn in Q3 2023.

Oil and gas production available for sale saw an increase, reaching 2.8 billion barrels of oil equivalent per day (boe/d), up from 2.7 billion boe/d in Q3 2023.

Income attributable to Shell shareholders in Q3 was $4.29bn, down from $7.04bn in Q3 2023, impacted by lower refining margins, reduced realised oil prices and higher operating expenses.

Shareholder distributions for the quarter totalled $5.7bn, with $3.5bn in share buybacks and $2.2bn in cash dividends.

Shell declared Q3 2024 dividends of $0.3440 per share.

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Cash capital expenditure for the full year 2023 was $24bn, while the projection for 2024 is slightly lower at under $22bn.

Integrated gas production for Shell is expected to range between 900,000 and 960,000boe/d.

The company also anticipates a decrease in liquefied natural gas liquefaction volumes for Q4 2024 due to scheduled maintenance at the Pearl GTL facility in Qatar, with expected volumes ranging between 6.9 and 7.5 million tonnes.

For the first nine months of 2024, Shell’s adjusted earnings were $20.94bn and revenue was $218.03bn.

In Q2 2024, Shell announced adjusted earnings of $6.29bn.

Shell CEO Wael Sawan said: “Shell delivered another set of strong results. We continue to deliver more value with less emissions, whilst enhancing the resilience of our balance sheet.

“Today, we announce another $3.5bn buyback programme for the next three months, making this the 12th consecutive quarter in which we have announced $3bn or more in buybacks.”

Recently, the Libra Consortium has initiated oil production at the Marechal Duque de Caxias floating production storage and offloading facility (FPSO) in Brazil’s pre-salt region.

Operated by Shell Brasil Petroleo, the FPSO, also known as Mero-3, boasts a production capacity of 180,000 barrels of oil per day.

Shell holds a 19.3% stake in the venture.