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.
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