Shell continues to capitalise on global energy market volatility after posting $9.5bn third quarter earnings, despite lower LNG trading.
Integrated Gas’ adjusted earnings were down $1.5bn year-on-year to $2.3bn – Chemicals and Products (-1.3%) and Renewables and Energy Solutions (-0.3%) were also in the red – and the energy major reported “unprecedented divergence” between JKM, EU TTF and EU spot LNG prices driven by EU LNG imports and regasification constraints. However LNG liquefaction volumes fell marginally year-on-year, to 7.24MT, and LNG sales volumes were up slightly to 15.66MT (from 15.21MT).
While gas production was down from 3,428 mscf/d to 2,995 mscf/d, the realised gas price increased from $13.85 mscf to $18.38 mscf. The Upstream division remains the stand-out performer with earnings of $5,896m in the quarter.
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