Aand this is the titan. Royal Dutch Shell, the largest listed company in London, has beaten earnings estimates comfortably, but warned investors that their return from a share buyback scheme might be slower than expected.
The oil giant's net profit during the third quarter was above all estimates, with strong performance from integrated gas and oil trading operations.
However, it added that repurchases could slow down, said:
… weak macroeconomic conditions and challenging prospects inevitably create uncertainty about the completion of the share buyback program by the end of 2020.
The results echoed BP's main rival, by beating this weak estimate but not giving an increase in dividends. The two energy companies experienced difficult conditions in the last quarter, with oil prices falling amid fears of a trade war.
Shell chief executive Ben van Beurden said:
This quarter we continued to provide strong cash flow and revenues, despite lower oil and gas prices, and chemical margins. Our earnings reflect the resilience of our businesses facing the market and their ability to take advantage of market conditions, including trading results and very strong optimizations this quarter.