Shell's $6 Billion Profit Smashes Forecasts as LNG Offsets Weak Refining
11.04.2024 By Tank Terminals - NEWS

November 04, 2024 [Reuters]- Shell reported on Thursday third-quarter profits of $6 billion that exceeded forecasts by 12% as higher liquefied natural gas (LNG) sales offset a sharp drop in oil refining and trading results.

 

The results, together with a drop in debt and strong cash flow, could lift investor confidence in CEO Wael Sawan’s efforts to boost the company’s performance by the end of 2025 as he focuses on the most profitable businesses, primarily in oil, gas and biofuels.

Shell shares were up 3.2% at 1541 GMT.

Global refining margins have dropped sharply in recent months in the face of weaker economic activity and the start-up of several new refineries in Asia and Africa, while oil prices fell 17% in the quarter.

Shell, which operates five refineries, saw a near 70% annual drop in profits for its refining and chemicals division. But that was offset by a 13% rise in profits from its LNG division, the British company’s largest business.

“The consistency in performance is impressive,” Barclays analysts said in a note.

French rival TotalEnergies on Thursday third quarter profits at a three-year low of $4.1 billion, hit by collapsing refining margins and upstream outages, missing market forecasts. And BP on Tuesday reported a 30% drop in profits to $2.3 billion, the lowest in almost four years.

Top U.S. producer Exxon Mobil and Chevron report results on Friday.

 

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Enbridge's Q3 Profit More than Doubles on Acquisition Contributions
11.04.2024 - NEWS
November 04, 2024 [Reuters]- Enbridge’s third-quarter profit more than doubled from a year... Read More
Aramco and Petrovietnam Sign Agreement to Explore Energy Cooperation
11.04.2024 - NEWS
November 04, 2024 [Yahoo Finance]- Aramco has entered into a Collaboration Framework Agreement wi... Read More
Shell's $6 Billion Profit Smashes Forecasts as LNG Offsets Weak Refining
11.04.2024 - NEWS
November 04, 2024 [Reuters]- Shell reported on Thursday third-quarter profits of $6 billion that... Read More
PBF Energy Posts Weak Q3 Results, Set to Cut $200 Million of Costs in 2025
11.04.2024 - NEWS
November 04, 2024 [Reuters]- U.S. refiner PBF Energy plans to save around $200 million in operat... Read More