LONDON—Shell said on Thursday its third-quarter profit would be pressured by a near halving of oil refining margins, crumbling chemical margins, and weaker natural gas trading. The British energy giant reported two consecutive quarters of record profit in the first half of the year amid soaring oil and gas prices, and stellar earnings from its…
Shell CEO to Step Down as Oil Giant Shifts Energy Focus
LONDON—Shell CEO Ben van Beurden is stepping down at the end of 2022 after nine years in charge, the energy giant said Thursday, a change that comes as oil and natural gas companies are under pressure to shift away from fossil fuels even as they see soaring profits from high energy prices. Taking over Jan….
Oil Giant Shell’s Profits Soar to $11.5 Billion as UK Braces for Even Higher Energy Prices
Oil giant Shell on Thursday posted profits of more than $11 billion between April and June amid soaring energy prices, topping its already record-breaking previous quarter results. The London-headquartered company’s earnings come as households across the United Kingdom struggle with the rising cost of living and are prepared for yet another surge in energy bills…
Shell Boosts Oil and Gas Asset Value as Refining Soars
July 8, 2022
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LONDON—Shell said on Thursday it would reverse up to $4.5 billion in writedowns on oil and gas assets after it raised its energy prices outlook following Russia’s invasion of Ukraine. In an update before second quarter results on July 28, Shell said its refining margins almost tripled over the period, boosted by recovering global demand…
Chevron, More Oil Companies Push Back on Biden’s Warning Letter
June 17, 2022
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Chevron this week released a statement addressing President Joe Biden’s letter to oil companies that suggested he may take executive action amid record-high gas prices. “We understand the significant concerns around higher fuel prices currently faced by consumers around the country, and the world. We share these concerns, and expect the Administration’s approach to energy…
Gazprom Cuts Gas Supply to Orsted and Shell Energy
June 1, 2022
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Russian gas producer Gazprom has cut off gas supplies to Denmark’s Orsted and to Shell Energy for its contract to supply gas to Germany, it said on Wednesday, citing the companies’ failure to make payments in rubles. Gazprom has already halted supplies to Dutch gas trader GasTerra, as well as to Bulgaria, Poland, and Finland…
More Pain at The Pump: Ohio Stuck on the Wrong Side of $4 a Gallon
If you are looking to fill up your vehicle and want to pay less than $4 a gallon for gas then forget it in Ohio. The state’s price at the pump is stuck well over $4 a gallon and those who need to drive to work, among other places, fear that it will go sky-high…
Shell Posts Record Profit on High Energy Prices and Trading Boost
LONDON—Shell on Thursday reported a record first-quarter profit of $9.13 billion, boosted by higher oil and gas prices, stellar refining profits, and the strong performance of its trading division. The last of the energy majors to report results, Shell joins sector rivals, including BP and TotalEnergies in making big profits from the commodity price volatility…
Shell Exit From Russia to Could Cost up to $5 Billion in Losses, Oil Giant Says
April 7, 2022
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Shell is set to take a $4 to $5 billion hit from exiting Russia in the wake of its invasion of Ukraine, the company announced on March 7. The oil giant announced early in March that it planned to pull the plug on operations in Russia and would exit its joint ventures with Gazprom, the Russian state-owned…
Shell Exit From Russia Could Cost up to $5 Billion in Losses, Oil Giant Says
April 7, 2022
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Business & EconomyCompanieseconomyEuropeInternationalInvestmentMarketsRussiaRussia-Ukraine WarshellWorld
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Shell is set to take a $4 to $5 billion hit from exiting Russia in the wake of its invasion of Ukraine, the company announced on April 7. The oil giant announced early in March that it planned to pull the plug on operations in Russia and would exit its joint ventures with Gazprom, the Russian state-owned…
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