LONDON: . The result compared with a loss after tax of US$447 million in the July-September period last year, Shell said in a statement. Flush with cash, Shell said it would buy back US$4 billion of its shares.“We are delivering robust results at a time of ongoing volatility in global energy markets,” said Shell chief executive Ben van Beurden. The latest profit was however far less compared with its second-quarter net income totalling US$18 billion.
Although oil and gas prices have surged from a year ago following the invasion of Ukraine by major energy producer Russia, hydrocarbon values are cooling as the northern hemisphere experiences mild temperatures and countries shore up supplies.Shell last month announced that van Beurden would step down as CEO at the end of the year, as the energy major looks to reinvent itself under group renewables boss Wael Sawan.