Surging free cash flow was a highlight in a strong Q3 for Shell. The Supermajor repurchased US$2 billion of shares to kick-start its US$25 billion buy-back programme and still had surplus cash left over to reduce net debt. Quarterly earnings also soared to their highest level in four years. The focus remains very much on capital discipline and cash flow delivery. There were no indications of any plans to increase investment.