Shell Reports $6.2B Q3 Profits Amid Rising Oil Prices, Announces $3.5B Share Buyback Amid Lower Green Energy Investments

Shell's third-quarter profits boosted by higher oil prices and refining margins, offsetting a $67 million loss from its renewables division; Company slashes capital expenditure by about $2bn a year to release additional dividends amid criticisms of slow transition towards green energy.

Shell reports a Q3 profit of $6.2B, driven by higher oil prices and strong liquefied natural gas trading, which offset a drop in its renewables division that posted a $67m loss.
The company also announced a $3.5B share buyback program, which takes the total handed to investors since January up to $23B.
Shell's decision to cut capital expenditure by about $2bn a year generated additional funds for dividends and has been linked to criticisms regarding the company's slow shift towards renewable energy.
Shell is reportedly focusing more on fossil fuels, evident in its reduced investment in low-carbon activities by 30%, compared to the same period last year.
Critics argue that Shell's reliance on volatile energy prices could pose risks if these prices start to retreat, as the company may be left without an additional revenue stream.