Shell said it expects its third-quarter earnings to be hit by “significantly lower” profit from trading gas because of market volatility as well as higher costs for delivering fuel amid a global scramble for energy supplies
In another sign of how the energy crisis is whipsawing costs for major oil companies, Shell said fuel-refining costs would hurt its third-quarter results by $1 billion to $1.4 billion compared with the second quarter. The company said its—a measure of the difference between crude-oil prices and product yields globally—fell 46% to $15.03 a barrel in the period. That was down from $28.04 a barrel in the second quarter, a margin that was nearly three times the first-quarter level.
Shell also said it expects its chemical-refining business lost money in the third quarter, as measured by the negative margins on each ton processed, amid rising prices for raw materials and other costs. That is expected to slice between $300 million and $600 million off third-quarter adjusted earnings compared with the second quarter in its chemicals and products business, the company said.
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