Investing.com -- London-listed shares in Shell PLC (LON:SHEL) jumped in early trading after the oil major announced share buybacks of $3.5 billion over the next three months, up from $2.7 billion in the prior quarter.
Meanwhile, the company left its dividend at $0.331 per share despite a quarterly performance that Chief Executive Officer Wael Sawan described in a statement as "strong."
Shell's adjusted third-quarter earnings of $6.2B met company-provided market estimates, although the figure was 34% lower on an annual basis. Solid trading at its liquefied natural gas unit helped offset a drop in energy prices and a decline in production at its Integrated Gas division.
Profits at Shell and its peers like BP (NYSE:BP) and Exxon Mobil (NYSE:XOM) have dipped sharply compared to last year, when earnings were buoyed by a jump in oil and gas prices following the outbreak of the war in Ukraine.
"We continue to simplify our portfolio while delivering more value with less emissions," said Sawan, who took over at the helm of Shell in January.
Shell also moved to pull back the upper range of its 2023 capital expenditure target to $23B - $25B, down from $23B - $26B previously -- a decision that analysts quoted by Reuters said may provide added lift to shares.