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Shell to buy back $3.5bn of shares as profits beat expectations

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Shell announced another $3.5bn of share buybacks as its quarterly profits exceeded market expectations.

Europe’s largest oil and gas company reported adjusted earnings of $6bn for the third quarter, beating average analyst estimates of $5.4bn and only slightly down from $6.2bn in the same period last year.

The biggest contributor to group profits was once again Shell’s integrated gas division, which reported quarterly earnings of $2.9bn.

The company said it would maintain its dividend and buy back a further $3.5bn of shares over the next three months. It is the 12th consecutive quarter that Shell has announced $3bn or more of share buybacks, it said.

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