Van Beurden said this week that governments may need to tax energy companies to fund efforts to protect the poorest from soaring bills. The slowdown in momentum comes as Shell’s head of gas and renewables, Wael Sawan, prepares to take over from the longstanding chief executive, Ben van Beurden, at the end of the year. Shell’s shares, which are up more than 30% this year, fell nearly 4% in early trading. The RBC Europe analyst Biraj Borkhataria said: “Overall, we see the statement as disappointing given the weaker integrated gas trading result, coupled with another working capital outflow.”ĪJ Bell’s investment director, Russ Mould, said: “For all that Shell has benefited from the surge in energy markets in 2022, it is not immune from a slowdown which will impact demand for refined products.”
Oil and gas traders had seen a boom in profits earlier this year when the outbreak of war triggered chaos in commodity markets. The company blamed a “volatile and dislocated” market for a hit to earnings in its gas trading arm. Are you searching for the nearest Shell gas station in your locality On this page there is a map of all Shell gas stations around you now. Margins fell from $86 a tonne in the previous quarter to minus $27 a tonne over the last 12 weeks. Shell also said its chemicals business had been hit by a drop in the global demand for plastic. The CMA raised concerns over the size of the margins being taken by refineries. Refining margins have been under scrutiny since the summer when the then former business secretary Kwasi Kwarteng ordered the Competition and Markets Authority to study the fuel retailing market.
The company expects this to have a “negative impact of between $1bn and $1.4bn” on its third-quarter underlying profits. Shell said its refining margins in the three months to the end of September were about $15 a barrel, against $28 a barrel in the previous quarter. Shell’s 1 Shales business focuses on safely and responsibly producing gas, oil and their liquid components. The Opec cartel of oil-producing nations and its allies on Wednesday agreed to cut oil production by 2m barrels a day to increase prices, angering the White House. Oil prices have fallen back from about $120 a barrel in June to about $90 as concerns of a recession in Europe and rampant global inflation weighed on commodity prices.
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