AGL 5.70 Decreased By ▼ -0.13 (-2.23%)
ANL 9.10 Increased By ▲ 0.07 (0.78%)
AVN 79.16 Increased By ▲ 0.36 (0.46%)
BOP 5.21 Increased By ▲ 0.05 (0.97%)
CNERGY 4.73 Increased By ▲ 0.05 (1.07%)
EFERT 81.11 Increased By ▲ 0.56 (0.7%)
EPCL 50.75 Decreased By ▼ -0.96 (-1.86%)
FCCL 13.52 Decreased By ▼ -0.09 (-0.66%)
FFL 5.76 Decreased By ▼ -0.09 (-1.54%)
FLYNG 7.29 Increased By ▲ 0.17 (2.39%)
FNEL 4.84 Decreased By ▼ -0.01 (-0.21%)
GGGL 8.89 Decreased By ▼ -0.01 (-0.11%)
GGL 15.80 Decreased By ▼ -0.25 (-1.56%)
HUMNL 5.83 Increased By ▲ 0.03 (0.52%)
KEL 2.59 Decreased By ▼ -0.01 (-0.38%)
LOTCHEM 29.80 Decreased By ▼ -0.21 (-0.7%)
MLCF 25.15 Decreased By ▼ -0.25 (-0.98%)
OGDC 72.70 Increased By ▲ 0.55 (0.76%)
PAEL 15.47 Decreased By ▼ -0.02 (-0.13%)
PIBTL 5.13 Increased By ▲ 0.12 (2.4%)
PRL 16.50 Increased By ▲ 0.10 (0.61%)
SILK 1.10 No Change ▼ 0.00 (0%)
TELE 9.55 Decreased By ▼ -0.10 (-1.04%)
TPL 7.33 Increased By ▲ 0.03 (0.41%)
TPLP 19.26 Increased By ▲ 0.03 (0.16%)
TREET 21.84 Decreased By ▼ -0.11 (-0.5%)
TRG 144.10 Decreased By ▼ -0.87 (-0.6%)
UNITY 17.52 Increased By ▲ 0.90 (5.42%)
WAVES 10.00 No Change ▼ 0.00 (0%)
WTL 1.37 No Change ▼ 0.00 (0%)
BR100 4,258 Increased By 27.9 (0.66%)
BR30 15,841 Increased By 19.2 (0.12%)
KSE100 42,374 Increased By 302.3 (0.72%)
KSE30 15,665 Increased By 161 (1.04%)
Follow us

LONDON: Shell said on Thursday its third-quarter profits would be pressured by a sharp drop in refining margins and “significantly” weaker earnings from natural gas trading.

The British energy giant reported two consecutive quarters of record profits in the first half of the year amid soaring oil and gas prices, and stellar earnings from its trading operations, the world’s biggest.

But in the third quarter, indicative refining margins dropped to $15 a barrel compared with $28 a barrel in the previous three months, Shell said in an update ahead of its results on Oct. 27, amid growing concerns over a global economic slowdown.

Shell CEO hints energy firms should pay more tax

And indicative margins for chemicals dropped to negative $27 per tonne versus a positive $86 in the second quarter amid a slump in demand for plastics.

The drop in refining margins will have a negative impact of between $1 and $1.4 billion on the segment’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), Shell said.

Shell’s third quarter liquefied natural gas (LNG) and gas trading results are expected to be “significantly lower” due to lower seasonal demand as well as “substantial differences between paper and physical realisation in a volatile and dislocated market.”

Comments

Comments are closed.

Weaker refining, gas trading to hit Shell’s Q3 results

Pakistan receives $500mn from AIIB: finance ministry

Rupee remains stable at 223.95 against US dollar

Hina Rabbani Khar meets interim Afghan government leadership on one-day Kabul trip

Oil jumps on hopes for easing in China’s COVID controls

Islamabad court extends Azam Swati’s remand for 4 days

S&P Global lowers 2023 growth forecast for emerging markets

PD prepares $496m gas pipeline augmentation plan

IMF, govt begin virtual engagement

Dar willing to allow sugar export?

Tax-exempted areas: FBR sets up checkposts to monitor supplies