Shell reports $9.5bn profit in Q3
Shell on October 27 reported a profit of $9.5bn in the three months to September 30 (Q3), up 129% year/year. The earnings were down 18% quarter/quarter, however, due to weaker refining and gas trading. Profit for Q2 was a record $11.5bn.
Shell said that the gas trading segment was impacted by seasonality and supply constraints, coupled with “substantial differences between paper and physical realisation in a volatile and dislocated market”.
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The company produced 7.24mn metric tons of LNG in Q3, down from 7.39mn mt last year and 7.66mn mt in Q2. The LNG sales volume in Q3 was 15.66mn mt versus 15.18mn mt last year and 15.21mn mt in Q2.
Shell also announced a new share buyback programme resulting in an additional $4bn of distributions, which it expects to complete by Q4 2022 results announcement. The company completed a $6bn buyback in the previous quarter. The company plan to increase the dividend for the fourth quarter by an expected 15%.
Wael Sawan, the current head of Shell's natural gas and low-carbon division, will succeed Ben van Beurden as CEO, effective January 1, 2023.