Shell’s adjusted earnings more than doubled to $9.45bn in the third quarter. Credit: Keming Tan on Unsplash.

Shell has reported adjusted earnings of $9.45bn for the third quarter of 2022, which is more than double compared with the $4.13bn from the same period a year ago.

Despite this, the energy giant’s profit was almost 18% lower than the $11.47bn posted in the second quarter of 2022, due to weaker refining and gas trading.

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For the quarter that ended on 30 September 2022, Shell’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at $21.51bn, versus $13.46bn a year ago.

Net income attributable to shareholders was $6.74bn, compared with a loss of $447m in the third quarter of 2021.

The London-headquartered firm noted that the total production available for sale in the quarter declined to 2.77 million barrels of oil equivalent per day (boepd) from 3.06 million boepd a year ago.

Cash flow from operations during the third quarter declined to $12.54bn, from $16bn in the same period a year ago.

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The decline in cash flow from operations was primarily driven by working-capital outflows of $4.2bn and tax payments of $3.4bn, the company noted.

The company also announced plans to raise its dividend per share by nearly 15% for the fourth quarter of 2022, which will be paid in March next year.

Shell also announced a $4bn share-buyback programme, which is expected to be completed by its next earnings release.

Commenting on the performance, Shell CEO Ben van Beurden said: “We are delivering robust results at a time of ongoing volatility in global energy markets. We continue to strengthen Shell’s portfolio through disciplined investment and transform the company for a low-carbon future.

“At the same time, we are working closely with governments and customers to address their short and long-term energy needs.”

The company also announced that Wael Sawan will become its next CEO on 1 January 2023.

Sawan is currently Shell’s director of integrated gas, renewables, and energy solutions.