British oil giant Shell warned on Thursday that results in its gas division would be down “significantly” in the third quarter compared to the previous three months, citing “seasonality” but also a “volatile and dislocated” market.
Shell also notes, in a note released ahead of its third quarter results, due to be published on 27 October, “pre-tax impairments” for this production segment that “are expected to be between $1.3 and $1.7 billion”.
The group still indicates that its refining margin, as well as the margin in its chemicals branch, will be lower in the third quarter compared to the previous three months.
Shell opened Thursday down 2.50% at 2,319 pence on the London Stock Exchange.
At the end of July, the oil company reported a five-fold increase in net profit (group share) in the second quarter, to $18 billion, in the wake of soaring oil prices.
In the natural gas market, the highly volatile Dutch TTF futures contract, a European market benchmark, has spiked several times since the Russian invasion of Ukraine as news from Moscow restricts gas deliveries to Europe.
Shell boss Ben van Beurden, who will step down at the end of 2022, also called Tuesday at an industry conference for higher taxes on energy companies to protect the poorest from the energy crisis.
