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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.

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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By GlobalData

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.