Shell Global(US:SHEL) 智通财经网·2025-10-30 08:49Core Insights - Shell's Q3 profits exceeded expectations despite weak Brent crude oil prices, driven by strong oil and gas trading performance [1] - The company maintained a quarterly stock buyback of $3.5 billion and reduced net debt from $43.2 billion to $41.2 billion [1] - Adjusted net profit for Q3 fell approximately 10% year-on-year to $5.43 billion, surpassing analysts' average expectation of $4.74 billion [1] - Shell's LNG trading business saw a significant rebound, delivering 13 LNG cargoes in Q3 due to new infrastructure capacity in Canada [1] Company Strategy - CEO Wael Sawan has focused on cost-cutting, improving operational reliability, and divesting underperforming high-leverage assets to narrow the valuation gap with U.S. competitors [2] - Shell's stock price has increased by 16% since early 2025, outperforming its closest competitors [2] - The company reported strong performance in its marketing business and deepwater assets in the Gulf of Mexico and Brazil [2] Market Context - Global oil demand has stabilized in 2023, with Brent crude prices down about 14%, leading to a more subdued demand environment for major energy producers [2] - Energy companies are responding to this demand slowdown by cutting jobs, reducing new capacity investments, and in some cases, scaling back stock buybacks [2] Operational Performance - RBC Capital Markets noted that Shell's earnings and cash flow are supported by strong operational metrics, with a robust balance sheet [3] - The LNG Canada facility is expected to reach full capacity by 2026, with expansion decisions anticipated in the same year [3] - Canadian Prime Minister Mark Carney is pushing for accelerated construction of significant expansions at the LNG facility [3]