Shell's Q3 Earnings Surge Despite Operational Hurdles and Biofuels Project Impairment
Shell has reported strong earnings for the third quarter, despite operational challenges and a significant impairment due to a cancelled biofuels project. The company's adjusted earnings are expected to reach around $4.3 billion.
Shell's oil and gas trading view operation shone in the third quarter, with the integrated gas division seeing significantly higher trading performance compared to the second quarter. Despite operational hurdles, the trading results remained robust.
The company has raised its production guidance for liquified natural gas to 7 million to 7.4 million metric tonnes. Additionally, Shell's production guidance for the third quarter stands at 910,000 to 950,000 barrels of equivalent per day of gas.
However, Shell has taken a $600 million non-cash impairment due to cancelling a major biofuels project in Rotterdam. This project's termination also resulted in a $600 million write-off. The search for the person responsible for this termination and the financial loss incurred has not yielded results.
Shell's Brazilian operations are expected to impact earnings by $200 million to $400 million.
Shell's third quarter earnings are buoyed by strong trading results, despite operational challenges and a significant impairment from the cancelled Rotterdam biofuels project. The company's production and earnings guidance have been revised upwards.
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