Oil giant Shell sets steeper climate targets as third-quarter profit misses expectations
Analysts had expected third-quarter adjusted earnings to come in at almost $6 billion, according to Refinitiv.
"This quarter we've generated record cash flow, maintained capital discipline and announced our intention to distribute $7 billion to our shareholders from the sale of our Permian assets," Ben van Beurden, CEO of Shell, said in a statement. Shares of Shell dipped 3% during early morning trade in London. The oil and gas company has seen its stock price climb roughly 41% year-to-date, having collapsed almost 45% in 2020.
Members of the environmental group MilieuDefensie celebrate the verdict of the Dutch environmental organisation's case against Royal Dutch Shell Plc, outside the Palace of Justice courthouse in The Hague, Netherlands, on Wednesday, May 26, 2021.The verdict was thought to be the first time in history a company has been legally obliged to align its policies with the 2015 Paris Agreement.
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