Shell Q3 Update Shows Rebound Despite Challenges

19 days ago

Louise Moon

"Meanwhile, Shell uh the oil giant rebounding. Why? So they they had a third quarter update. This is ahead of their their actual earnings that are coming later this month. And one of their biggest profit boosters, one of their units that's the the biggest contribution to profits has made a comeback essentially. So their energy trading unit that was the key focus. They're saying that gas trading was significantly higher and oil trading was higher. And this is a turnaround from the previous quarter. it was hit by or they they say it was hit by uh geopolitical kind of volatility that was hitting the wider market and and really hit Shell and the energy trading unit."

Shell's Q3 update highlighted a rebound in its energy trading unit, with both gas and oil trading showing significant improvements over the previous quarter. The positive turnaround is attributed to strong execution from the CEO, including cost cutting and shedding underperforming units, although concerns remain over a $600 million impact from shelving a project and ongoing losses in the chemicals unit.