Shell Anticipates Gas Trading Surge In Q4
Shell has said that trading in its gas segment will be higher over the third quarter than in the second, bouncing back from a challenging set of results in July.
The energy giant also forecast that trading in its chemicals and products division would beat the second quarter.
The London-listed firm’s adjusted earnings more than halved in its second quarter results in the summer, dipping nearly £5bn year-on-year and at a a much greater loss than analysts had forecast.
Shells gas business drives as much as a quarter of its profitability.
The company said today it produced 920,000 barrels of integrated gas per day between July and September, a drop off from 985,000 over the second quarter.
In mid-June, it announced plans to boost its production of natural gas as it continued a shift back to fossil fuels, a move which has stoked widespread condemnation from climate activists.
In a short note to shareholders, the group also revealed that it could pay £2.9bn in tax over the last quarter.
A number of energy majors have seen a downturn in profits this year, after last years record results, with Equinor also posting a fall in earnings in July.
By City AM