- Royal Dutch Shell reported CCS earnings of $4.8bn for the third quarter of 2019, up from $3.5bn in Q2 but lower than Q3 2018.

The oil and gas giant said the result reflected lower realised oil, liquefied natural gas (LNG) and gas prices, as well as weaker realised refining and chemicals margins.

This was partly offset by significantly stronger contributions from LNG and oil products trading and optimisation as well as higher realised margins in retail and global commercial.

Compared with the third quarter 2018, cash flow from operating activities excluding working capital movements was $12.1bn, reflecting lower earnings, higher pension contributions and lower dividends received.

Total dividends distributed to shareholders in the quarter were $3.8bn.

Shell has launched a share buyback programme worth up to $2.75bn and lasting to 27 January 2020.

CEO Ben van Beurden said: 'This quarter we continued to deliver strong cash flow and earnings, despite sustained lower oil and gas prices, and chemicals margins.

'Our earnings reflect the resilience of our market-facing businesses and their ability to capitalise on market conditions, including very strong trading and optimisation results this quarter.

'Our intention to buy back $25bn in shares and reduce net debt remains unchanged.

'The prevailing weak macroeconomic conditions and challenging outlook inevitably create uncertainty about the pace of reducing gearing to 25% and completing the share buyback programme within the 2020 timeframe.' At 8:20am: [LON:RDSA] Royal Dutch Shell share price was -59.25p at 2269.75p

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