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Shell's Third-Quarter Refining Margins Drop Sharply

2024-10-08 17:24

Wedoany.com Report-Oct 08, Shell's refining profit margins fell nearly 30% in the third quarter, dropping from $7.7 to $5.5 per barrel due to decreased global demand and new refinery capacity. This decline is expected to impact the earnings of major energy companies.

In a trading update ahead of its quarterly results on October 31, Shell also noted weaker trading earnings in its chemicals and oil products division. However, it raised its liquefied natural gas (LNG) production forecast to between 7.3 and 7.7 million metric tons, up from 6.8 to 7.4 million tons.

The company also increased its upstream oil and gas production outlook to 1.74 to 1.84 million barrels of oil equivalent per day. Analysts anticipate a potential 10% decrease in adjusted earnings for Shell in light of these developments, as global oil prices fell 17% in the third quarter.

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