Thursday, Shell stock went up because the British oil company seemed to have gotten through a global drop in the market for processed products that has hurt the profits of its main competitors, such as TotalEnergies and BP.
The big U.K. oil company reported a 4% drop in adjusted earnings to $6.02 billion for the third quarter of 2024, which was better than the $5.36 billion that 24 experts polled by Shell had predicted.
The drop in Shell’s earnings was mostly due to a $600 million drop in profits from its chemicals and products segment. This was because the market for refined products like jet fuel, diesel, and gasoline was slowing down around the world.
TotalEnergies’s profits from its refining and chemicals segment fell 83% year-over-year due to a drop in the market for refined goods. This caused its adjusted earnings to drop 13% to $4.1 billion.
In the past year, TotalEnergies TTE -2.62% shares have lost 9% of their value, and on Thursday, they fell another 7% at the Paris stock exchange. In the past year, Shell SHEL 2.99% SHELshares have lost 5% of their value. On Thursday, they went up 1% after losing 5%.
For Shell, the drop in profits from its chemicals and products segment was partly made up for by the rise in profits from its upstream, marketing, and integrated gas segments.
Shell then said it would buy back another $3.5 billion worth of its own shares over the next three months. This is the 12th quarter in a row that Shell has run a buyback plan worth more than $3 billion.
TotalEnergies also said that its biggest exploration and production segment made 7% less money, or $4.6 billion.BP’s third-quarter profits dropped sharply by 31% to $2.3 billion on Tuesday. This was due to a drop in its refining margins caused by a drop in demand for refined goods around the world.Thursday, Shell stock went up because the British oil company seemed to have gotten through a global slump in the market for processed products that has hurt the profits of its main competitors, such as TotalEnergies and BP.
Shell, the big oil company in the UK, reported a 4% drop in adjusted earnings to $6.02 billion for the third quarter of 2024, which was better than the $5.36 billion that 24 experts polled by Shell had expected.
Shell’s earnings went down because its chemicals and products segment lost $600 million in profits. This was because the market for refined products like jet fuel, diesel, and gasoline slowed down around the world.
TotalEnergies’s profits from its own refining and chemicals segment fell 83% year-over-year due to a drop in the market for refined goods. This caused its adjusted earnings to drop 13% to $4.1 billion.
TotalEnergies TTE -2.62%TTE shares, which are traded in Paris, fell 7% on Thursday. They had already lost 9% of their value in the past year. In the past year, Shell SHEL 2.99% SHELshares have lost 5% of their value. On Thursday, they went up 1% after losing 5%.
For Shell, the drop in profits from its chemicals and products division was partly made up for by the rise in profits from its upstream, marketing, and integrated gas businesses.
Shell then said it would buy back another $3.5 billion worth of its own shares over the next three months. This is the 12th quarter in a row that Shell has began a buyback plan worth more than $3 billion.
TotalEnergies also said that its biggest exploration and production segment made 7% less money, or $4.6 billion.
BP’s third-quarter profits dropped sharply by 31% to $2.3 billion on Tuesday. This was due to a drop in its refining margins caused by a drop in demand for refined goods around the world.
