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October 7th, 2022:

Shell Shares Slide After Third Quarter Profit Warning


Shell Shares Slide After Third Quarter Profit Warning

By Scott Kanowsky: Thu, Oct 6, 2022 — London-listed shares in Shell PLC (LON:SHEL) fell in mid-morning trading after the energy giant warned that lower refining margins will hit third-quarter earnings.

In a trading update on Thursday, Europe’s largest oil firm said its indicative refining margin is now expected to come in at $15 per barrel during the period, down from $28 per barrel in the second quarter.

“[T]he decrease in margin is expected to have a negative impact of between $1.0B and $1.4B on the third quarter Adjusted [earnings before interest, tax, depreciation and amortization] for Products compared to the second quarter 2022,” it said.

The group’s indicative chemicals margin is also seen dipping to -$27 a ton versus $86 a ton in the prior three-month timeframe. The downturn will negatively impact quarterly core earnings at Shell’s chemical unit by between $300M and $600M, the company said. read more

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