Shell expects a rise in liquefied- natural-gas production and resilient gas trading in the third quarter, potentially offsetting continued refining margin weakness.
The company said that it expects its trading result in its core integrated gas unit to be in line with the second quarter’s, when the division contributed $2.675 billion in adjusted earnings.
Last quarter, narrower refining margins drove a 33% drop in the adjusted earnings of Shell’s chemicals segment. Performance is expected to be even lower in the third quarter, the company said. On the flip side, European gas prices rose around 14% through the quarter amid uncertainty around supplies, Barclays analysts said in a recent note. This will likely offset some of the hits on earnings from lower oil prices and refining margins.

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