Shell Earnings: Strong Results Lead to Increase in Repurchases, Which Demonstrates Appeal

No-moat Shell's adjusted third-quarter earnings fell to $6.2 billion from $9.5 billion the year before, largely meeting market expectations, on lower oil and gas prices, lower production volumes, which were offset only in part by slightly higher refined product margins and stronger chemical margins. Total production fell to 2.706 thousand barrels of oil equivalent per day from 2,766 mboe/d last year largely because of divestments and planned maintenance.