Shell’s Q3 profit jumps, LNG sales rise

The Hague-based LNG giant Shell on Thursday reported a 47 percent rise in profit for the third quarter, driven by higher oil, gas and LNG prices.

Shell’s earnings on a current cost of supplies (CCS) basis and excluding exceptional items rose to $4.1 billion, or 47 cents share, for the three months ending in September, topping analysts’ forecasts. This compares with $2.8 billion in the same period last year.

Production rose by 2 percent to 3.7 million barrels per day.

“Shell’s three businesses all made resilient contributions to this strong set of results. Upstream generated almost half of the $10 billion cash flow from operations excluding working capital this quarter, at an average Brent oil price of $52 per barrel, and this was complemented by good cash contributions from our growing integrated gas business and from downstream,” said chief executive Ben van Beurden.

“This competitive performance is further evidence of Shell’s growing momentum, and strengthens my firm belief that our strategy is working,” he added.

 

LNG sales climb

 

Integrated gas — a business swelled by last year’s acquisition of LNG player BG Group — earned $1.3 billion, up from $931 million in 2016.

Shell said its LNG sales volumes increased by 11 percent in the third quarter to 16.97 million mt as compared to the previous quarter. The volumes rose 1.27 million mt from the third quarter last year.

LNG sales volumes reflected higher liquefaction volumes and increased trading of third-party volumes compared with the same quarter in 2016, Shell noted in its report.

The company’s LNG liquefaction volumes rose 10 percent to 8.45 million mt as compared to the previous month while they were up 0.75 million mt on year.

These volumes increased mainly due to higher production from Gorgon in Australia with three trains online, compared with one train in the same quarter last year, Shell said.

 

LNG World News Staff

Share this article

Follow LNG World News

Posted on November 2, 2017 with tags .

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

Flame 2020

Flame is Europe’s largest and most influential meeting place for the global gas industry.

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – London / Mar 2020

This three-day training program provides a unique opportunity to learn and apply the practical skills…

read more >

3rd CWC Japan LNG & Gas Summit

As the only commercially focused forum for the Japanese LNG industry

read more >

Cryogenic Storage Tanks

The program committee looks forward to having the opportunity for intensive, objective and professional…

read more >