Shell reported a significant net profit drop in Q3 due to lower oil prices and weaker refining margins, with profits falling from $7 billion to $4.3 billion.
Chief executive Wael Sawan stated, 'We continue to deliver more value with less emissions, whilst enhancing the resilience of our balance sheet,' reflecting the company's focus on sustainability.
Despite lower profits, Shell announced a $3.5 billion share buyback, indicating confidence in its financial position amidst structural challenges due to job cuts and restructuring.
Both Shell and BP faced lower profits and refining margins, highlighting a broader trend in the energy sector as market concerns rise over demand and production forecasts.
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